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Publisher's Summary

New second edition with new intro by Hans Hoppe 

Here is Hans Hoppe's first treatise in English - actually his first book in English - and the one that put him on the map as a social thinker and economist to watch. He argued that there are only two possible archetypes in economic affairs: socialism and capitalism. All systems are combinations of those two types. The capitalist model he defines as pure protection of private property, free association, and exchange - no exceptions. All deviations from that ideal are species of socialism, with public ownership and interference with trade. Within the structure of socialism, he distinguishes the left and right version. "Conservative" socialism favors high regulation, behavioral controls, protectionism, and nationalism. The "liberal" version tends more toward outright public ownership and redistribution. The consequences of socialism vary based on their degree and kind, but they have similarities: high costs, resource waste, low growth.

This treatise has long been out of print, but is now available again for use in comparative-systems classes, and for an orientation to the theory of economic systems. The theoretical apparatus is Rothbardian to the core, and its main contribution is to provide an organizing principle for understanding the structure of real-world economies as measured against pure types. A tour de force. This edition preserves the formatting from the original publisher, for reasons of citation. Though it was published by a major academic publishing house, the visuals are not what they might have been. Nonetheless, the book is well cited, and this edition makes it possible to navigate those citations.

©2010 Ludwig von Mises Institute (P)2019 Ludwig von Mises Institute

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Incredible book, one of my favorites

This book is brilliantly written and meticulously argued.
I both enjoyed it immensely and learned immeasurably from it.
Having read thousands of books on the topic by the all the great authors, in 2 languages (English and Russian), I think professor Hoppe is an incredible gift to humanity.

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  • Taylor Britton
  • 16-05-2020

covenant vs syndicate

if i had the choice to live in 'Ancapistan' as a Hoppean Covenant Community or a Chomskian Anarcho Syndicalist Community, i know which one i would choose.

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  • Elizabeth C.
  • 22-11-2019

Excellent defense of capitalism

Although this is a very academic, and sometimes dry, expose, it makes an indisputable case for the merits of capitalism. A must listen to for every Free Thinker.

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  • PublicName
  • 07-10-2020

Excellent Book!

A joy to read. No fluff. Sound reasoning. Great work in the Austrian tradition. I will read again.

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