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The Review of Austrian Economics

, Volume 20, Issue 4, pp 313–316 | Cite as

Review of Theodore A. Burczak’s Socialism after Hayek

Ann Arbor: The University of Michigan Press, 2006, 171pp
  • Virgil Henry Storr
Article

For most Austrians, the collapse of the Soviet Union just proved something that we had long since known. Socialism as we understand it (i.e., the elimination of private ownership of the means of production) is impossible; or, to be more precise, rational economic calculation in the absence of private property and so in the absence of competition between severally owned firms over resources, meaningful prices which reflect relative scarcities and profit and loss accounting, is impossible. Attempts by market socialists like Lange (1936) to come up with a “competitive” response to the Austrian critique, as Lavoie (1985) has shown, have failed to answer Austrian concerns. Interestingly, they have not taken Marx all that seriously either, abandoning key features of his program like his concern for alienation and exploitation. Burczak, however, does not commit either sin. His Socialism after Hayekis a stimulating book that is grounded in Burczak’s deep appreciation of both the Austrian...

References

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  2. Lange, O. (1936). On the economic theory of socialism: Part one. The Review of Economic Studies, 4(1), 53–71.CrossRefGoogle Scholar
  3. Lavoie, D. (1985). Rivalry and central planning: The socialist calculation debate reconsidered. Cambridge: Cambridge University Press.Google Scholar

Copyright information

© Springer Science+Business Media, LLC 2007

Authors and Affiliations

  1. 1.Mercatus Center at George Mason UniversityArlingtonUSA

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