This is an expanded version of something I wrote for The Freeman, October 2003, during my tenure as the editor. Socialism has been mortally discredited on economic grounds, thanks to Ludwig von Mises, F. A. Hayek, and history. But for many people it has not been discredited on moral grounds. You can tell this by how often people say that while socialism doesn’t work in practice, it is good, even beautiful, in theory. (Even Thomas Sowell has said that.) Strange notion—that a theory which doesn’t work in the world can somehow still be good. Where else is it to be judged? William Graham Sumner,...