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

**URL:** <https://www.libertarianism.org/videos/did-we-forget-cost-socialism-expert-matthew-d-mitchell>

**By** Matthew D. Mitchell, Barbara Galletti

**Published:** May 21, 2026

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

From the Soviet Union and Maoist China to Venezuela and modern Western politics, Libertarianism.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](https://www.cato.org/human-freedom-index/2025)

[Economic Freedom of the World, 2025](https://www.fraserinstitute.org/sites/default/files/2025-10/economic-freedom-of-the-world-2025-annual-report.pdf)

[Deaths From Famines by Country and Decade](https://ourworldindata.org/grapher/deaths-from-famines-by-country-and-decade)

[Famines and Deaths in Them](https://ourworldindata.org/grapher/famines-and-the-deaths-in-them)

[Interview With a Soviet-Era Economist](https://www.fraserinstitute.org/commentary/central-planning-inside-interview-soviet-era-economist)

[Higher Income People Face Higher Taxes](https://www.pgpf.org/article/taxing-the-rich-could-raise-trillions-but-that-alone-wont-fix-our-fiscal-crisis/)

**Further Readings:**

[Socialism](https://www.libertarianism.org/socialism-0)

[What We Don’t Know About Socialism Can Hurt Us](https://www.libertarianism.org/columns/what-we-know-about-socialism-can-hurt-us)

[All Socialism Involves Slavery](https://www.libertarianism.org/essays/all-socialism-involves-slavery)

[Socialism and the Democratic Party](https://www.libertarianism.org/columns/socialism-democratic-party)

[East and West Berlin: A Study in Free vs. Controlled Economy](https://www.libertarianism.org/essays/east-west-berlin-study-free-vs-controlled-economy)