I have three principles to show how socialism can both fail miserably and maintain credibility at the same time.  Shortly after the dust had settled from WWII, socialism became regarded as the great failure of the 20th century, first by economists (amongst them Mises, Hayek and later Rothbard and Hoppe) and soon after the layman.

The "Ideal Type" and Polylogism

“The present generation is like the Jews whom Moses led through the wilderness. It has not only a new world to conquer, it must go under in order to make room for the men who are able to cope with a new world.”

- Karl Marx

The Class Struggles in France,

1850

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Thomas E. Woods, Jr., is the New York Times bestselling author of 11 books. A senior fellow of the Ludwig von Mises Institute, Woods holds a bachelor's degree in history from Harvard and his master's, M.Phil., and Ph.D. from Columbia University.