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sold, it is impossible to resort to calculation in planning future action and in determining the result of past action. A socialist management of production would simply not know whether or not what it plans and executes is the most appropriate means to attain the ends sought. It will operate in thedark, as it were. It will squander the scarce factors of production both material and human (labour).Chaos and poverty for all will unavoidably result. All earlier socialists were too narrow-minded to see this essential point. Neither did the earlier economists conceive its full importance. When the present writer in 1920 showed the impossibility of economic calculation under socialism, the apologists of socialism embarked upon the search for a method of calculation applicable to a socialist system. They utterly failed in these endeavours. The futility of the schemes they produced could easily be shown. Those communists who were not entirely intimidated by the fear of the soviet executioners, for instance trotsky, hily admitted that economic accounting is unthinkable without market relations.81 The intellectual bankruptcy of the socialist doctrine can no longer be disguised. In spite of its unprecedented popularity, socialism is done for. No economist can any longer question its impracticability. The avowal of socialist ideas is today the proof of a complete ignorance of the basic problems of economics. The socialist's claims are as vain as those of the astrologers and the magicians. With regard to this essential problem of socialism, viz., economic calculation, the Russian "experiment" is of no avail. The Soviets are operating within a world the greater part of which stillclings to a market economy. They base the calculations on which they make theirdecisions on the prices established abroad. Without the help of these prices their actions would be aimless and planless. Only as far as they refer to this foreign price system are they able to calculate, keep books and prepare their plans. In this respect one may agree with the statement of various socialist and communist authors that socialism in one or a few countries only is not yet true socialism. Of course, these authors attach a quite different meaning to their hiertion. they want to say that the full blessings of socialism can be reaped only in a world-embracing socialist community. Those familiar with the teachings of economics must, on the contrary, recognize that socialism will result in full chaos precisely if it is applied in the greater part of the world. [384] The second main objection raised against socialism is that it is a less efficient mode of production than is capitalism and that it will impair the productivity of labour. Consequently, in a socialist commonwealth the standard of living of the mhies will be low when compared with conditions prevailing under capitalism. There is no doubt that this objection has not been disproved by the Soviet experience. The only certain factabout Russianaffairs under the Soviet regime with regard to which all people agree is: that the standard of living of the russian mhies is much lower than that of the mhies in the country which is universally considered as the paragon of capitalism, the United States of America. If we were to regard the Soviet regime as an experiment, we would have to say that the experiment has clearly demonstrated the superiority of capitalism and the inferiority of socialism. It is true that the advocates of socialism are intent upon interpreting the .