Mises' Critique of Socialism and Emergence of Fundamental Liberalism

University:
Swansea University
Course:
FIN520 | Financial Ethics and Accountability
Academic year:

2024
Views:

288

Pages:

2
Author:

Caroline H.

MISES' CRITIQUE OF SOCIALISM AND EMERGENCE OF FUNDAMENTAL LIBERALISM 1. Introduction  Post-WWI writings and criticisms of socialism  Examination of socialism's credibility after the war  Commonalities with Mises' critique of inflation caused by public finance 2. Mises' Academic Criticism of Socialism  "Economic Calculation in the Socialist Commonwealth" (1920)  The role of tradable labor, means of production, and private property  Denial of rationality in a socialist economy 3. Comprehensive Critique in "Socialism" (1922)  Impracticability of socialism  Lack of accountability and rational action  Mises' critique of socialism's growing influence 4. Period of Mitigated Crisis  Liberalism (1927) and A Critique of Interventionism (1929)  The failure of socialization of industries  Presentation of fundamental liberalism and criticism of interventionism 5. Four Ideal Pillars of Liberalism  Property, freedom, peace, and equality  Equitable treatment of personalities, not wealth  The role of capitalism in liberalism 6. Mises' Praxeological Viewpoint  Distinction between economic and non-economic action  Renouncing collective interests  Political conviction and its correspondence with Mises' view 7. Historical Significance of Mises' Purified Liberalism  Background in the old Austrian empire  New problems in the post-war years  Emergence of Mises' fundamental liberalism 8. Summary of Old and New Problems  Extinction of political liberalism in mass politics  Prevailing anti-Semitism  Growth of political socialism and labor unions  Pro-inflation fiscal and financial policies  Relevance of older generation liberal positions  Emergence of fundamental economic liberalism