A Theory of Socialism and Capitalism

A Theory of Socialism and Capitalism is a book by German-American economist Hans-Hermann Hoppe. The text was his first book authored in English, and presents the argument that there are only two possible archetypes in economic affairs: socialism and capitalism, and that all systems are combinations of those two types.

Hoppe defines the capitalist model as pure protection of private property, free association, and exchange - no exceptions. All deviations from that ideal are species of socialism, with public ownership and interference with trade.

Within the structure of socialism, he distinguishes the left and right version. "Conservative" socialism favors high regulation, behavioral controls, protectionism, and nationalism. The "liberal" version tends more toward outright public ownership and redistribution.

The consequences of socialism vary based on their degree and kind, but they have similarities: high costs, resource waste, low growth.

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 * Capitalism and Socialism Mises Academy course by Art Carden