In response to Record Number of French Corporate Bankruptcies; Socialist Theory vs. Practice; What Went Wrong? I received a number of noteworthy comments via email and as direct comment to my blog.

Reader Jay commented …

The first thing all you capitalism bashers need to understand is that capitalism is not what we have in this country. We have crony capitalism/socialism/fascism at work right now. We have never had real capitalism.

Jay replied to the ridiculous comment by ClimbingSand ” The rich have socialism, the poor have dog eat dog Capitalism.

Acting Man Commented …

Via email, Pater Tenebrarum at the Acting Man Blog hit the nail precisely on the head. Here is his comment:

I would point out that socialism works neither in practice nor in theory. It is already the theory that is wrong, as the concept must fail due to the calculation problem. Economic calculation is literally impossible under socialism, and so no rational socialistic economy is possible. If the whole world were to adopt socialism, we would soon live from hand to mouth, as the division of labor would completely collapse within a few short years.

Thanks Pater!

I take this opportunity to point out that his blog is still having “technical difficulties”, related to his current host. Pater is looking for a new host site, and hopefully his blog will be back up, and running soon.

Pater has taught me a lot over the years. He is the person who introduced me to Austrian economics.

I highly recommend bookmarking his site. It will be back up soon.

Mike “Mish” Shedlock