From the National Review, Charles Cooke in Socialism Is Not Democratic:

History has shown us that socialism exhibits three core defects from which it cannot escape and which its champions cannot avoid. The first is what Hayek termed “the knowledge problem.” This holds that all economic actors make errors based on imperfect knowledge but that a decentralized economy will suffer less from this, partly because the decision-makers are closer to the information they need, and partly because each actor does not wield total control over everything but is only one part of a larger puzzle. The second problem is that, because socialism eliminates both private property and supply and demand, it eliminates rational incentives and, thereby, rational calculation. The third problem is that socialism, following Marx’s dialectical theory of history, lends itself to a theory of inevitability or preordination that leaves no room for dissent, and that leads in consequence to the elevation of a political class that responds to failure by searching for wreckers and dissenters to punish. Worse still, because socialists view all questions, including moral questions, through a class lens, these searches tend to be deemed morally positive — bound, one day, to be regarded by History as Necessary. Together, these defects lead to misery, poverty, corruption, ignorance, authoritarianism, desperation, exodus, and death.

Ironically enough, they also lead to socialism’s exhibiting a record of failure in precisely the areas where it is supposed to excel. Despite the promises in the brochure, socialism has been terrible at helping the poor; it has been terrible at helping women advance; it has been terrible for civil liberties; it been terrible at helping the environment; it has been terrible at attracting immigrants; it has been terrible at tolerating and protecting minorities; it has been terrible at fostering technology, architecture, and art; it has been terrible at producing agriculture; and, worst of all, it has been terrible at sharing power and resources — indeed, it has done precisely the opposite, creating new “ruling classes” that are far less adept, far less responsive, and far less responsible than the ones they replaced.