One of Ludwig von Mises’s most significant contributions was his demonstration of the impossibility of socialism. He famously argued that without private ownership of the means of production, markets for these goods cannot exist, and thus, no prices can be established. As a result, a socialist central planning authority lacks the ability to gauge the relative scarcity of resources and allocate them efficiently across different societal needs. Mises expanded on this point in his works Socialism and Human Action. Building on an often-overlooked article by Carl Menger from 1888, Mises explained how, in capitalist societies, entrepreneurs are guided by monetary calculation. They incorporate all assets into their economic evaluations to determine the profitability of their decisions. Economic calculation, Mises wrote.........

This has been ignored by all of the Marxists, communists and socialists. Deng may have understood this and brought China our of its doldrums and backwardness.