IEA Conversations

Socialism - Good idea, badly done?

December 6, 2018

In this week's podcast, we were joined by the IEA's Head of Political Economy, Kristian Niemietz, the author of a recent paper which ventures into the realm of fiction to examine the fundamental flaws of socialism.

Kristian and Editorial Manager Madeline Grant discuss the popular meme that socialism is a great idea in theory, but only fails due to bad implementation, or corrupt officials - as advocated by trendy millennial socialists today.

Kristian debunks this idea, but explores how it has been extremely influential in art, culture and fiction over the last century. We look at why it has proven so compelling, and whether free marketeers need to do more to make the moral and philosophical case for capitalism - as well as arguing on raw economic grounds.

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