By Hoppe H.-H.
Hoppe supplies a cautious definition of what he capacity by means of the phrases ''capitalism'' and ''socialism'' after which proceeds to research many versions, together with Russian-style Socialism, Social Democracy, Conservatism, and piecemeal Social Engineering. He additionally explores the supply of so-called ''public goods'' (i.e., nationwide protection, justice, security), and the issues of monopolies in capitalist international locations.
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Additional info for A Theory of Socialism and Capitalism: Economics, Politics, and Ethics
A quite homogeneous population, with very much the same history, culture, charac- 34 A Theory of Socialism and Capitalism: Economics, Politics, and Ethics ter structure, work ethics, divided after Hitler-Germany's defeat in World War II. In West Germany, more because of lucky circumstances than the pressure of public opinion, a remarkably free market economy was adopted, the previous system of all-around price controls abolished in one stroke, and almost complete freedom of movement, trade, and occupation introduced.
The general standard of living in the East-bloc countries, though admittedly different from country to country (a difference that itself would have to be explained by the degree of strictness with which the socialization scheme was and presently is carried through in practice), is clearly much lower than that in the so-called capitalist countries of the West. ) Though the theory does not and cannot make a precise prediction of how drastic the impoverishment effect of a socialization policy will be, except that it will be a noticeable one, it is certainly worth mentioning that when almost complete socialization was first put into effect in immediate post-World War I Russia, this experience cost literally millions of lives, and it required a marked change in policy, the New Economic Policy (NEP), merely a few years later in 1921, reintroducing elements of private ownership, to moderate these disastrous effects to levels that would prove tolerable.
Everyone becomes co-owner of everything, reflecting everyone's equal standing as human beings. And the economic rationale of such a scheme is that it is supposedly more efficient. To the untrained observer unfamiliar with the action-coordinating function of prices, SOCIALISM RUSSIAN STYLE 21 capitalism as based on private ownership of means of production simply appears chaotic. It seems to be a wasteful system characterized by duplicating efforts, ruinous competition, and the absence of concerted, coordinated action.
A Theory of Socialism and Capitalism: Economics, Politics, and Ethics by Hoppe H.-H.