Originally recorded at the University of Houston on January 24, 1972. Ron Paul alludes to this speech in his book 'End the Fed' (pp. 51-52): Mises, at the time, was elderly but sharp. His subject was socialism, and his lecture explained why socialism always fails due to the absence of a free market pricing structure for capital goods... The lecture was held in a modest-sized classroom, but the place was overflowing. Popularizing Austrian economics at the time was in its very early stages, but it was obvious even then that there was a starvation for truth in economics. Note: because of the age and quality of the tape, there are potions of this recording that are suboptimal.