Critiqe of Sharing Economy according to Hayek and Rand Thoughts

Similar to other economic and political theories which are based on philosophical foundations, communist economy which is mainly rooted in socialistic ideas of Karl Marx has no expiration date and can be considered as an important management option under every circumstance. As under current circumstances where COVID-19 pandemic has led to severe economic problems and increasing unemployment, many theorists believe that capitalism and liberalism are not efficient now and recommend a return to some narratives of socialism. In this article, we try to study communist economy from the viewpoint of moral criticisms of Friedrich Hayek and Ayn Rand. To morally criticize communist economy, these two thinkers have considered items such as violating the individuals' rights and freedom in socialism and destruction of the individuals' identity. Rand takes a deeper and more philosophical approach to criticize moral foundations of socialism and the theory of communist economy while Hayek considers moral and social consequences of this viewpoint on the society.