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You've got the general critique from Mises right, but that's an extremely outdated critique that has long been debunked. The article Prices in a Planned Economy helps show how prices in a fully publicly owned economy could be planned, including what you are describing as "price signals." The fact is, the USSR's economy did work, and worked rather well, but issues like having to spend a huge portion of GDP on the defense industry just to keep up with the US starved the rest of the economy for growth, and the Soviets planned by hand rather than by computer. Neither of these issues need to be taken by any Socialist state going forward.
Thanks for the reply! The article you linked was very interesting. I am aware that western propaganda emphasizes the challenges and failures of communism while sweeping the manifold problems with capitalism under the rug, and it is nice to consider a different viewpoint. There is also an unfair tendency among western philosophers to link authoritarianism with communism when there is no philosophical connection. My personal belief is that authoritarianism was already pervasive in imperial Russia and China, and that better explains the brutality that has been unfairly associated with communism.
I would also like to say that capitalism is way less efficient than people are led to believe - take fast fashion, for example. Excess shoes and clothes are constantly being dumped on developing countries because the manufacturers failed to find a buyer at any price.
No problem!
I do disagree on the notion of "authoritarianism." Claims as such usually come from the ruling class in Capitalist countries who saw their class-allies oppressed in Russia and China. For the working class, society became more democratic.
That's a decent point for fast fashion, though it is designed as a "churn and burn" system and is built on the backs of Imperialism, creation in the Global South for poverty wages to sell in the Global North for dirt cheap.