Did We Forget the Cost of Socialism? – with expert Matthew D. Mitchell

Why have socialist economies repeatedly struggled with shortages, corruption, black markets, and authoritarianism?

Matthew D. Mitchell
Senior Fellow at the Centre for Human Freedom, Fraser Institute

Matthew D. Mitchell is a senior fellow at the Centre for Human Freedom. Prior to joining the Fraser Institute, Mitchell was a long-​serving senior fellow at the Mercatus Center at George Mason University, where he remains an affiliated senior scholar. 

Mitchell received his PhD and MA in economics from George Mason University and his BA in political science and BS in economics from Arizona State University. His writing and research focuses on economic freedom, public choice economics, and the economics of government favoritism.

Mitchell has testified before the United States Congress and several state legislatures. He has advised federal, state, and local government policymakers in the United States on both fiscal and regulatory policy. His research has been featured in numerous national media outlets, including the New York Times, the Wall Street Journal, the Washington Post, National Public Radio, and C-SPAN.

Barbara Galletti
Senior Producer, Lib​er​tar​i​an​ism​.org

Barbara Galletti is the Senior Producer of Lib​er​tar​i​an​ism​.org. Over the past decade, she has worked toward the dissemination of the ideas of liberty and making complex information more accessible. She holds a BA in Law from Universidad de Lima and an MS in Media Science from Boston University.

From the Soviet Union and Maoist China to Venezuela and modern Western politics, Lib​er​tar​i​an​ism​.org Senior Producer Barbara Galletti and Matthew D. Mitchell discuss the historical record of socialism and the flaws behind its failures.

We also explore what Americans define as socialism, and how centrally planned economies face deep structural problems.

Jump to:

00:00 – Marx’s Socialism vs. Current Perception of Socialism

02:30 – Implementing Socialism: Ideology vs. Power 

04:37 – Why Prices Matter 

07:20 – One Hundred Million Dead During Twentieth-​Century Socialism 

08:49 – Socialist Ideas in the US and the Scandinavian Model 

12:21 – Economic Freedom and Human Flourishing 

14:17 – Twentieth vs. Twenty-​First Century Socialism

Mentioned Resources:

The Human Freedom Index, 2025

Economic Freedom of the World, 2025

Deaths From Famines by Country and Decade

Famines and Deaths in Them

Interview With a Soviet-​Era Economist

Higher Income People Face Higher Taxes

Further Readings:

Socialism

What We Don’t Know About Socialism Can Hurt Us

All Socialism Involves Slavery

Socialism and the Democratic Party

East and West Berlin: A Study in Free vs. Controlled Economy