Quarterly Journal of Austrian Economics
Author:
Peter G. Klein
Online Publish Date:
Volume 2, No. 2 (Summer 1999) In his “closing salvo” in the socialist calculation debate, Mises (1949, pp. 705–10) argued that the market socialists failed to understand the role of financial markets in an industrial economy. Even with markets for consumer goods, he explained, socialism would fail because it substituted collective ownership of the