Let us assume, for the sake of argument, that socialism is
over. (It looks to me as if this is very much open for debate.
In some respects, the collapse of the Soviet Union has given
Marxist socialism a new lease on life. It is no longer stuck
with the heritage of “actually existing socialism,”
and can, instead, develop its more plausible, critical side
and tell stories of the revolution betrayed.) Be that as it
may, it is now widely accepted that socialism, understood as
involving the social ownership of the means of production and
the abolition of markets, faces real and perhaps insuperable
difficulties. For without both markets and individual ownership,
it is difficult to see how problems of individual motivation
and information transmission are to be tackled—to say
nothing of Ludwig von Mises's underlying concern with how
to make economic (as opposed to purely technical) decisions
about the utilization of resources within an economy.