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George H. Smith explains why Mises predicted that “planned chaos” would emerge in a socialist economy and how F.A. Hayek elaborated on that insight.
Originally published in essay form on April 9, 2013.
Narrated by Terence West.
George H. Smith was formerly Senior Research Fellow for the Institute for Humane Studies, a lecturer on American History for Cato Summer Seminars, and Executive Editor of Knowledge Products. Smith’s fourth and most recent book, The System of Liberty, was published by Cambridge University Press in 2013.