The presented discussion of the economic consequences of restricting property rights lets us show the economic consequences of socialism. The system is different from all other forms of undermining ownership for one important reason – it does so consistently, as it seeks to abolish all even ownership relations, and impose one central order directed by government institutions.

Socialism in its purest form differs from partial interventions in the scope of actions undertaken to transform market structures. Nevertheless it has some common traits with various “third ways”, which are supposed to be hybrids of free market and dictatorial state. “Third way” conceptions are usually analysed in the context of the notion of socialism. But it is also possible to capture the essence of socialism by pointing to the nature of a “third way”. Let us recall the opinions of two opponents in the argument about the possibility of instituting a fully state-controlled economy, Lange and Mises, who were surprisingly consonant on the matter of half-measures.

Mises doubts the effectiveness of government control over chosen markets and prices not because of his normative approach, but rather based on positive analysis that demonstrates that price control cannot lead to the intended outcomes (Mises 1980a). Let us assume that the state wants personal computers to be widely available. To achieve the goal it decided to introduce compulsory co-ownership – using legal measures (laws, regulations, etc.) it declares that it is now the co-owner of all computers that are sold on the market. It is not strictly co-ownership, as the state does not wish to utilize produced computers or co-decide about them. It “only” reserves for itself partial co-ownership rights – it prohibits the sale of computers for a price higher than some declared maximum, say one dollar. Apart from this the nominal owners may freely decide on the use of the computers.

Basic microeconomic analysis explains that an introduction of a maximum price for computers causes a shortage. Unfortunately, neoclassical reasoning often treats this topic very narrowly going so far as showing the supply-demand scheme, best presented with graphs and equations.