bloomberg.com/view/articles/…
Why did these things happen??
I especially like this breakdown by Brad DeLong: delong.typepad.com/sdj/2013/05/un…
Suppression of market activity was certainly a big problem for societies like Mao's China...
And if those leaders had been wise, good leaders, they would have seen the importance of markets and reversed course (as Lenin almost did).
This toxic idea ensured that every communist experiment was accompanied by war, social upheaval, destruction of institutions, and the rise of opportunistic megalomaniacs.
Instead, it has largely followed the blueprint of a later, mostly forgotten socialist figure: Eduard Bernstein. en.wikipedia.org/wiki/Eduard_Be…
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