S. C. Tsiang's Influences Through the Decades, 21st Nov., 2010.

I'm currently reading an article by Professor Chun-sin Hwang of the National Tsinghua University. Its title is "蒋硕杰对奥地利学派自由经济思想的最后认同 [S. C. Tsiang's Final Approval of the Austrian Free Market School of Thought]." Even though S. C. Tsiang studied under F. A. Hayek, he was initially influenced heavily by Professor J. E. Meade's book, Planning and the Price Mechanism, the Liberal Socialist Solution.

The basis of that book was the belief that

"The middle way, which--for reasons which will I hope become clear--I have called the Liberal-Socialist Solution, must proceed by making full use of the money and pricing systems, but so controlling those systems that three fundamental conditions are fulfilled: first, that the total monetary demand for goods and services is neither too great nor too small in relation to the total supply of goods and services that can be made available for purchase; secondly, that there is a tolerably equitable distribution of money income and property so that no individual can command more than his fair share of community's resources; and thirdly, that no private person or body of persons should be allowed to remain uncontrolled in a sufficiently powerful position to rig the market for his own selfish ends." (pp. 11)

In the 1950s, S. C. Tsiang began to question the foundations of these principles. It wasn't until reading the literature of F. A. Hayek and Ludwig von Mises in the Socialist Calculation Debate did he completely reject socialism. I hope to finish the article later.