Individualism and economic order pdf
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Friedrich Hayek's Individualism and Economic Order | Marginal Revolution UniversityT he political revolutions of —91 in Central and Eastern Europe and the former Soviet Union have created a new historical conjuncture in which the very future of the socialist project has been called into question. The underlying reason for this loss of confidence is that the historical conjuncture coincides with a deep-seated crisis of socialist theory, above all of the theory of a socialist economy. The classical Marxist model of a socialist economy may be characterized in terms of a dichotomy between capitalism and socialism in the two dimensions of ownership and coordinating mechanism. Under socialism, capitalist private ownership of the means of production is replaced by social ownership; theoperation of market forces is replaced by socialist economic planning. Social ownership enables exploitation to be abolished; socialist economic planning enables the anarchy of production to be replaced by conscious social control of the economy. This classical Marxist model, interpreted as the centralized planning of all production decisions, has been discredited by the Soviet experience. At the same time, the revival in the s of the socialist economic calculation debate that had first taken place in the s and s provided theoretical support for the proposition that central planning, indeed any society-wide economic planning, is necessarily inefficient and strictly speaking impossible.
Individualism and Economic Order
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