ABSTRACT
Without doubt the twentieth century has been the age of socialism. The socialist idea promised a social order that was both more productive and moral than the capitalist system. ‘Whatever our view of its utility or its practicability,’ Ludwig von Mises wrote, ‘it must be admitted that the idea of Socialism is at once grandiose and simple. Even its most determined opponents will not be able to deny it a detailed examination. We may say, in fact, that it is one of the most ambitious creations of the human spirit. The attempt to erect society
on a new basis while breaking with all traditional forms of social organization, to conceive a new world plan and foresee the form which all human affairs must assume in the future-this is so magnificent, so daring, that it has rightly aroused the greatest of admiration.’2
