Socialist planning can stabilize the economy and develop it in a rational manner.
Socialist planning can stabilize the economy and develop it in a rational manner.
Only the most optimistic Marxist can still believe that an entirely controlled economy can work efficiently. Lack of inflation and full employment can be mandated, but a flow of high-quality goods to the public has never been generated by a Communist economy which can match any ordinary Capitalist one. The reasons are not obscure. Large modern economies are too complex for governments to be able to assemble all the information to do rational and effective planning. Stock markets and corporate elites may make irrational and even disastrous decisions, but ultimately their mistakes tend to be self-correcting.