February 25, 2016

Bernie Sanders candidacy for Presidency of the United States has put Socialism back on the political agenda. How could such a failed ideology garner so much support? Particularly from the young.

Mises said Socialism wouldn’t work. And it didn’t. He pointed out that without the price mechanism it is impossible to allocate resources efficientlyand to make choices between economic alternatives. He explained that seventy years before the Berlin Wall fell.

The students who today support Sanders were not alive to witness the failure of communism in post-War USSR and Eastern Europe.

On 9 November 1989,...

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