I just finished Jesús Huerta de Soto’s Socialism, Economic Calculation and Entrepreneurship, only to find that the Cobden Centre’s Andy Duncan has already produced a review. Since his review explains how he went from Marxist to Austrian-school free-marketeer, I shall let him do all the hard work, in his own inimitable style:
Although my self-education had kicked socialism back into the envious schoolyard nursery where it belongs, all the books I had read had never clarified one last question, which had nagged at me for years. Why does socialism keep taking so long to fail, with the Soviet Union surviving for 70 years and the fiat currency union of the west surviving for 40 years, since 1971? Yes, there is economic calculation, the short-sightedness of fools, and the system of organised criminal lies which we name government, but what is the essential mechanism that separates the free market from the jackboot of socialism and how does a typical rancid and rotten bloom of socialism survive for decades, when from my previous readings such a malodourous bloom ought to fail within years or even months, once the hideous mask of its hateful spiteful envy is revealed?
Andy’s review is rather more brutal in its dissection of socialism than I usually prefer — after all, socialists mean well — but it is well worth a read for that style, not despite it.
Next up in Andy’s queue was The Ethics of Money Production by Jörg Guido Hülsmann, which, as it happens, I began dipping into a week or two ago. You can find his review here. However, I begin to wonder, did Andy Duncan steal my reading list?