In the year 1949, the first issue of the socialist publication Monthly Review was released. Within the collection of essays, one stood out in particular. Notably, its author was none other than Albert Einstein. Somewhat misleadingly titled “Why Socialism?” the essay reads more like a critique of capitalism than a justification of socialism. In it, the brilliant physicist lays out his reasons for rejecting private property and briefly sketches out his vision for a moral and just society. Now, 75 years after the first appearance of the essay, I believe a critical analysis is in order.Einstein begins his essay by justifying his (and other non-economists) right to chime in on the debate about socialism. While I agree with the broad sentiment, the specific points

Read More »