The socialist experiment proved to be a failure. It proved not only an isolated failure, but also a global one - every political and economic system influenced by socialism suffered from a severe crisis in the last decades of the 20th century. The soft socialism of the democratic welfare states...

The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also...