Economic Calculation in the Socialist Commonwealth

Liberalism is a book containing an economic analysis and a strong critique of socialism.

It was first published in 1927 by publisher Gustav Fischer Verlag in Jena, Germany, in defense of classical liberal ideology based on individual property rights.

Starting from the principle of private property, Mises shows how the other classical liberal freedoms are derived from property rights and argues that liberalism free from government intervention is necessary to promote peace, social harmony and general welfare.

The book was translated into English by a student of Mises, Ralph Raico, but its first English edition in 1962 was titled "The Free and Prosperous Commonwealth" instead of Liberalism.