This is a newly annotated edition of the classic first published in German in 1922. It is the definitive refutation of nearly every type of socialism ever devised. Mises presents a wide-ranging analysis of society, comparing the results of socialist planning with those of free-market capitalism in all areas of life. Friedrich Hayek's foreword comments on the continuing relevance of this great work: "Most readers today will find that Socialism has more immediate application to contemporary events than it had when it first appeared."