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A Theory of Socialism and Capitalism: Economics, Politics, by Hoppe H.-H.

By Hoppe H.-H.

Hoppe provides a cautious definition of what he skill by way of the phrases ''capitalism'' and ''socialism'' after which proceeds to investigate many versions, together with Russian-style Socialism, Social Democracy, Conservatism, and piecemeal Social Engineering. He additionally explores the availability of so-called ''public goods'' (i.e., nationwide protection, justice, security), and the issues of monopolies in capitalist countries.

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Additional resources for A Theory of Socialism and Capitalism: Economics, Politics, and Ethics

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In all of the Western socialist and social-democratic parties a more or less numerous, outspoken, and eloquent minority of some influence also exists, which arduously supports such a scheme and proposes socialization, if not of all means of production, then at least of those of big industry and big business. Most importantly, smaller or bigger sectors of nationalized industries have become part of social reality even in the socalled "most capitalist" countries; and of course an almost complete socialization of the means of production has been tried out in the Soviet Union and later in all of the Soviet-dominated countries of Eastern Europe, as well as in a number of other countries all over the world.

Thus he will stop producing when the value of the marginal product produced is lower than the depreciation of the capital used to produce it. Accordingly, he will, for instance, reduce the depreciation costs involved in producing, and instead engage in increased conservation, if he anticipates future price rises for the products produced and vice versa. , the incentive structure which he is facing, is quite different in this respect. Because he cannot sell the means of production, his incentive to not produce, and thereby utilize the capital employed, at the expense of an excessive reduction in capital value is, if not complete- SOCIALISM RUSSIAN STYLE 29 ly gone, then at least relatively reduced.

Of course one could go ahead and try to do one's best. That might even be successful sometimes, though one would have no way of assuring oneself that it is. But, in any case, the larger the consumer market is which one has 28 A Theory of Socialism and Capitalism: Economics, Politics, and Ethics to serve, and the more the knowledge regarding preferences of different groups of consumers, special circumstances of historical time and geographical space, and possibilities of technology is dispersed among different individuals, the more likely it is that one will go wrong.

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