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Published on Dec 25, 2010
Mises Daily: Wednesday, December 08, 2010 by Ludwig von Mises [This article is excerpted from chapter 24 of Human Action: The Scholar's Edition (1949) and is read by Jeff Riggenbach.]
Private ownership of the means of production is the fundamental institution of the market economy. It is the institution the presence of which characterizes the market economy as such. Where it is absent, there is no question of a market economy.