Socialism

Art Carden, Ilia Murtazashvili and Anna Claire Flowers

Chapter 105 in Elgar Encyclopedia of Public Choice, 2025, pp 751-758 from Edward Elgar Publishing

Abstract: What is to be produced, how, and for whom? These questions can be answered via free exchange and people's decentralized choices, which is capitalism's organizing principle. They can also be answered by central planners who make choices for everyone, which is socialism's organizing principle. Under socialism, the government owns and controls the means of production. Central planners, not entrepreneurs and business managers, decide what to make, how, and for whom. Socialism substitutes rational central planning for capitalism's alleged disordered anarchy.

Keywords: Socialism; Capitalism; Free markets; Public choice; Mises; Hayek; Buchanan; Marx (search for similar items in EconPapers)
Date: 2025
ISBN: 9781802207743
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