Blog Post

AEIdeas

Self-described socialists, of the democratic variety or otherwise, have numerous complaints about market capitalism. But, you know, compared to what? They offer fantasy societies versus ones that operate in the real world. Perhaps the socialist version of the economist gibe “assume a can opener” is “assume a wealthy, technologically advanced society.” And as great JPMorgan analysis concluded. “A real-life proof of concept for a successful democratic socialist society, like the Lost City of Atlantis, has yet to be found.”

But if you’re looking for an example of what happens what markets and prices are ignored in favor of top-down planning, definitely check out Order without Design: How Markets Shape Cities by urbanist Alain Bertaud. (He’s my guest on an upcoming Political Economy podcast, by the way.) From that book: