About the book: 1994 / The text of the book was prepared for publication by the Catallaxy society. The translation was made from the English edition of 1981 and verified with the German edition of 1982. The Catallaxy Society expresses its gratitude to the Institute for Humane Studies (IHS) and personally to Tom Palmer for their kind assistance in obtaining the rights to publish this book. Research by one of the most prominent representatives of the Austrian school of economics Ludwig von Mises is a classic of political and economic literature. In 1921, Ludwig von Mises was able to foresee and describe in detail both the characteristic defects of various forms of real socialism and the reasons for its inevitable defeat. The book, written at the beginning of the century, today reads as a striking commentary on our history. It can be recommended as a textbook for all students of political economy, political and social history of our century. For economists, political scientists, sociologists, all readers who want to understand the world in which we live.