Socialism versus Free Market Exchange

05/02/1970 Ludwig von Mises

Human beings are collaborators with each other. Socialism is one kind of cooperation of people. One thing determines the socialist organization. It is the lack of freedom and the complete obedience to a Fuehrer (leader). Not surprisingly, everyone considers themselves to be part of the ruling group, forcing others to submit.

But, the system of exchange of products and services has been helped by the technical creation of a medium of exchange. We now have a system of civilization that works better than any other– a free market capitalist system.

Recorded at the University of Washington; May 2, 1970. [1:14:44]

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