Steve Pejovich's Insights into Property Rights, Capitalism, Socialism, and Freedom.

This article explores the work of Professor Svetozar (Steve) Pejovich, focusing on his research on property rights, capitalism, socialism, and freedom. Pejovich argued that property rights are essential for organizing production and distribution, and he compared the differences between capitalist and socialist systems. The text emphasizes the importance of private property and the ability to exchange ownership rights. It also examines the impact of property rights on labor-managed firms in Communist Yugoslavia, highlighting the hindrance of economic calculation and pricing due to the inability to exchange ownership claims. The article concludes by discussing the emergence of "liberal socialism" and arguing that socialism, in any form, is incompatible with liberalism and democracy. [Extracted from the article]