Oct 21, 2007

Mises on socialism vs. the market economy

Men must choose between the market economy and socialism. The state can preserve the market economy in protecting life, health, and private property against violent or fraudulent agression; or it can itself control the conduct of all production activities. Some agency must determine what should be produced. If it is not consumers by means of demand and supply on the market, it must be the government by compulsion.

~ Ludwig von Mises, Planned Chaos, p. 34

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