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Quotation of the Day…

is from the final paragraph of the late Steve Horwitz’s October 2018 EconLib essay on Ludwig von Mises’s 1922 book, Socialism:

Despite socialism’s record of failure, or perhaps because of it, the socialists of the 21st century have yet to grapple with the fundamental issue of economic calculation outside of the market and how the absence of private ownership of the means of production, no matter how democratic the alternative is, will inevitably lead to poverty and chaos.

DBx: Thirty-four years ago today, on November 9th, 1989 – a glorious day – the Berlin Wall crumbled.