ABSTRACT
In this article, I try to show the way in which the theory of entrepreneurship, as developed by Israel M. Kirzner, must be an essential element of any analysis of the impossibility of socialism. As a consequence of my analysis, I propose a new definition of socialism, based on the concept of entrepreneurship, which seems to be more general and analytically fruitful than the standard definition. In the first section, I explain my interpretation of the essence of entrepreneurship and, in the second, I introduce my new definition of socialism; thereafter I develop the analysis of its impossibility from the point of view of entrepreneurial theory. A critique of the alternative and traditional concepts of socialism is included in the final section.
