Social and Behavioral Sciences Commons^™

Lessons On Economics And Political Economy From The Soviet Tragedy, Peter J. Boettke, Rosolino A. Candela

Journal of Global Initiatives: Policy, Pedagogy, Perspective

This paper explores the economics and politics of the tragic Soviet experiment with socialism. Beginning with the period of “War Communism” between 1917 and 1921, the Soviet government’s attempt to implement socialism failed to achieve its stated objectives, namely to create social harmony, eliminate class struggle, and to unleash advanced material production. It attempted to achieve these ends by abolishing private property and market prices in the means of production, eliminating the incentives and information necessary to guide production in an efficient manner. The unintended political and economic results were disastrous, leading to tyranny, famine, and oppression. Failing to achieve …