by Alasdair MacLeod
Socialism has moved on from the Marxist version of the state owning the means of production to one whereby production remains in the hands of individuals but are heavily regulated — echoing Mussolini’s fascist-socialist model.
But after nearly nine decades this model faces collapse, much like the Soviet collapse after sixty-seven years. This article explores the modern socialist model, updates the economic calculation problem identified by von Mises in 1920 and explains why it still fails in today’s socialism. And finally we predict the consequences for governments and their state-issued currencies.