ABSTRACT
In this chapter, the author shows that the case for Economic Democracy does not rest on esoteric values alien to our culture. He also shows that anyone who shares a certain set of relatively noncontroversial values ought to prefer at least one form of socialism to any form of capitalism. To choose between capitalism and socialism is to make an ethical choice. The author finds the efficiency theorem to be, at best, irrelevant to the capitalism-socialism debate; if anything, it obscures comprehension of the real issues. Socialism, Ludwig von Mises declared, is impossible: Without private ownership of the means of production, there cannot be a competitive market for production goods; without a market for production goods, it is impossible to determine their values; without these values, economic rationality is impossible. The author also shows Economic Democracy, if implemented, would be more efficient than Laissez Faire. Profit under Economic Democracy is not the same as profit under capitalism.
