But in the real world, socialism fails. The cause is bad economics.
It’s important to remember that in the socialist economy, social economizing is impossible, regardless of the stated intention of the public policy. The road to serfdom is indeed paved with seemingly good intentions. Furthermore, remember that in many large socialist countries, central planners face the impossible task of attempting to economize the lives of people they often know nothing about—people with vast divergences in values. The greater point is that the necessary consequences of socialism are gradual impoverishment and social discord—the opposite of peace and prosperity.