The Great Leveler: Violence and the History of Inequality From the Stone Age to the Twenty-First Century
by Walter Scheidel · 17 Jan 2017 · 775pp · 208,604 words
. Lemieux, Thomas. 2006. “Post-secondary education and increasing wage inequality.” American Economic Review 96: 195–199. Leonard, Carol S. 2011. Agrarian reform in Russia: the road to serfdom. New York: Cambridge University Press. Le Roy Ladurie, Emmanuel. 1966. Les paysans de Languedoc. 2 vols. Paris: Mouton. Levy, Frank, and Temin, Peter. 2007. “Inequality
The Age of Extraction: How Tech Platforms Conquered the Economy and Threaten Our Future Prosperity
by Tim Wu · 4 Nov 2025 · 246pp · 65,143 words
gone well. Most dangerous of all, it has a track record of creating conditions conducive to the rise of an authoritarian strongman. The Real Road to Serfdom The real road to serfdom—to an authoritarian state—runs through the imbalance of economic power, and a platform economy contributes to that problem. What do I mean by
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the road to serfdom? The phrase comes from Austrian economist Friedrich Hayek, who believed that a well-meaning government, as it expanded and began to engage in centralized economic
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figures. But over the longer term, the track record of authoritarian dictators leaves much to be desired. They are the figures who turn the slow road to serfdom into an expressway. This is the sequence. The question is how to break it. Chapter 12 Some Solutions And what’s your system of belief
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to extraction, which leads to anger, which leads to hate—you get the idea. The night watchman does nothing while the country travels the real road to serfdom, in which popular anger about concentrated wealth yields revolution and an authoritarian dictator. That’s why the ideal state, economically speaking, should be understood not
Owning the Earth: The Transforming History of Land Ownership
by Andro Linklater · 12 Nov 2013 · 603pp · 182,826 words
Mises’s students, Friederich von Hayek—in later life he dropped the “von”—wholeheartedly adopted his mentor’s suspicion of government. His bestselling book, The Road to Serfdom, published in 1944, was a savage hymn to the belief that economic freedom could be equated to individual liberty. There was no difference between Fascism
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History, 1848–1938 by William M. Johnston (Berkeley, CA: University of California Press, 1995), 77–82. economic freedom could be equated to individual liberty: The Road to Serfdom appeared in a shortened, best-selling Reader’s Digest version, but the original is definitive (London: Routledge, 1944). “This is what we believe in.”: Story
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and England, originally part of Chronicles of England by Raphael Hollinshed. 1578. Hayek, Friederich. The Constitution of Liberty. Chicago: University of Chicago Press, 1960. ———. The Road to Serfdom. London: Routledge, 1944. Hayes, Edward. Sir Humphrey Gilbert’s Voyage to Newfoundland in Richard Hakluyt’s The Principall Navigations, Voiages and Discoveries of the English
The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor
by William Easterly · 4 Mar 2014 · 483pp · 134,377 words
government. Mention liberty too often and you are presumed to be in favor of some extreme right-wing ideology. Mention Friedrich Hayek’s book The Road to Serfdom and you are presumed to be to the right of ranting talk-show hosts. Less commonly recognized is a perceptional slippery slope on the left
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the Locarno-Barcelona air line before it was stopped.” 21 It would be a while before Hayek got confirmation that Mises had indeed escaped. THE ROAD TO SERFDOM We will see throughout the present book that there are many excuses offered for avoiding debate of the ideas of anyone who advocates the free
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received a reply from development thinkers; they simply ignored the author and his book. The author was Friedrich Hayek and the 1944 book was The Road to Serfdom. The excuse for ignoring Hayek is that he may or may not have implied a “slippery slope” in which any state intervention in the economy
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had ever had a bad idea, we would have very few good ideas left. The slippery-slope idea may have stuck to Hayek because The Road to Serfdom was alarmist about the threat to freedom in the United Kingdom that would emerge after World War II. We can cut Hayek a little slack
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-wing extremist. In truth, as we have already seen above, there is ample evidence that Hayek was not the conservative ideologue his critics claimed. The Road to Serfdom advocated such nonconservative ideas as a minimum income guaranteed by the state: “there can be no doubt that some minimum of food, shelter, and clothing
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In fact, Hayek condemned some of the very people he was identified with by his critics. In the pages of the 1956 version of The Road to Serfdom, he said British Conservatives were “paternalistic, nationalistic, and power-adoring . . . traditionalistic, anti-intellectual, and often mystical.”23 Hayek himself acknowledged after the fact that he
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had attracted some followers with whom he did not agree, at some cost to himself: “the manner in which [The Road to Serfdom] was used [in the United States] vividly brought home to me the truth of Lord Acton’s observation that ‘at all times sincere friends of
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for knee-jerk rejection of Hayek as an ideological extremist. Ignoring the slippery-slope controversy, this chapter covers some of the good ideas of The Road to Serfdom, many of which contradict the usual image of the book. The nonalarmist part of his book was a defense of individual rights, an explanation of
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easy to see the appeal of solutions that promised to work everywhere in the Third World. Hayek addressed a Blank Slate mind-set in The Road to Serfdom when he criticized beliefs that one could simply erase the old and start over, the belief that “further advance could not be expected along the
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made the great strides which in the last hundred and fifty years have changed the face of the world.”28 But now, in 1944’s Road to Serfdom, Hayek feared there was a new disregard for learning from history about what “had made past progress possible.” He also noticed the assumption of a
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development blogs, and nobody called Barder a right-wing extremist.44 Hayek was unlucky to be ahead of his time. A large part of The Road to Serfdom was about what he called “spontaneous order.” Among the examples he gave were markets, the evolution of the rule of law, and the evolution of
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. Things will happen in well-organized efforts without direction, controls, plans. That’s the consensus among economists. That’s the Hayek legacy.”47 In The Road to Serfdom, Hayek had first of all stressed the insight that today excites us about undesigned order (as summarized above in the Barder talk): “the spontaneous and
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insistent that unchecked power could not be trusted to be held by “the wise and the good” that he devoted a whole chapter of The Road to Serfdom to “Why the Worst Get on Top.” In an autocratic system, Hayek noted, “there will be special opportunities for the ruthless and unscrupulous.”61 In
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panel of prominent economists selected Hayek’s article as one of the top twenty articles of the last century in the American Economic Review. (The Road to Serfdom expounded the same ideas in accessible form; ironically, the ideas that harmed Hayek’s reputation in the public marketplace of ideas enhanced his reputation in
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unanimity was something to brag about, something that showed how strong his case was for technocratic development. Hayek, on the other hand, argued in The Road to Serfdom that dissent from the consensus was necessary for the “life of thought”: “So long as dissent is not suppressed, there will always be some who
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rights of the Chinese. In 1944 Condliffe received a book to review that would crystallize further what he had observed in China. Reviewing Hayek’s Road to Serfdom, he observed that “the essential condition of effective planning is that the planners must be prepared to dragoon those who do not fit into their
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millions of human beings in colonies.”55 Friedrich Hayek had questioned the moral value of any real power given to an international organization in The Road to Serfdom in 1944. Hayek, with his realism about the Allies wielding such power and his suspicion of unchecked power at any level, reacted a lot like
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. Bauer, Dissent on Development: Studies and Debates in Development Economics (Cambridge, MA: Harvard University Press, 1976), 187. 4. Ibid., 189. 5. F. A. Hayek, The Road to Serfdom: Text and Documents; The Definitive Edition, ed. Bruce Caldwell, Volume 2, The Collected Works of F. A. Hayek (Chicago: University of Chicago Press, 2010), Kindle
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. A. Hayek, Volume 17 (Chicago: University of Chicago Press, 2011), Kindle edition, locations 13822, 13901, 13836. 8. Ibid., 13869. 9. Ibid., 13862–863. 10. Hayek, Road to Serfdom, 5842. 11. Hayek, Constitution of Liberty, 13840–41. 12. Ibid., 13920. 13. Gunnar Myrdal, Economic Theory and Under-Developed Regions (London: Duck-worth, 1957), 84
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and State (“Reichstag Fire Decree”), February 28, 1933, http://germanhistorydocs.ghi-dc.org/pdf/eng/English%203_5.pdf, accessed September 4, 2013. 19. Hayek, Road to Serfdom, 5974, 5991. 20. Wenar, Hayek on Hayek, 1011–14. 21. F. A. Hayek, Studies on the Abuse and Decline of Reason, ed. Bruce Caldwell, Volume
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13, The Collected Works of F. A. Hayek (Chicago: University of Chicago Press, 2010), Kindle edition, locations 8903–8908. 22. Hayek, Road to Serfdom, 3601. 23. Ibid. 1225. 24. Ibid. 1140. 25. Clifford Geertz, “Myrdal’s Mythology,” Encounter 33, Number 1 (July 1969): 29–33; quote is from page
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31. 26. Myrdal, International Economy, 201. 27. Hayek, Road to Serfdom, 1814. 28. Ibid. 1753. 29. Ibid. 1814. 30. Allan Carlson, The Swedish Experiment in Family Politics: The Myrdals and the Interwar Population Crisis (New Brunswick
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and the Scientific Way to Social Democracy, 1914–1968.” Journal of the History of Economic Thought 31, Number 1 (March 2009): 33–55. 32. Hayek, Road to Serfdom, 1810. 33. Hayek, Abuse and Decline of Reason, 1677–85. 34. Myrdal, International Economy, 201. 35. Ibid., 201. 36. Ibid., 204. 37. Quoted in Bauer
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, Dissent on Development, 187. 38. Ibid., 187. 39. Hayek, Road to Serfdom, 3893. 40. Ibid., 2981. 41. Ibid., 2631. 42. Ibid., 4038. 43. Myrdal, International Economy, 154. 44. http://www.cgdev.org/content/calendar/detail/1426888/, accessed
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Commanding Heights: The Battle Between Government and the Marketplace That Is Remaking the Modern World (New York: Simon and Schuster, 1998), 150–51. 48. Hayek, Road to Serfdom, 1750. 49. Ibid., 1202. 50. Ibid., 1829. 51. F. A. Hayek, ed., Collectivist Economic Planning: Critical Studies on the Possibilities of Socialism by N.G
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Mises, Georg Halm, and Enrico Barone (London: Routledge and Kegan Paul, 2011), Kindle edition, locations 152–57. 52. Hayek, Constitution of Liberty, 1980. 53. Hayek, Road to Serfdom, 180. 54. Gunnar Myrdal, Development and Under-Development: A Note on the Mechanism of National and International Inequality (Cairo: National Bank of Egypt, 1956), 63
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65. 55. Quoted in Bauer, Dissent on Development, 187. 56. Ibid., 206. 57. Ibid., 207. 58. Ibid., 189. 59. Hayek, Road to Serfdom, 2216. 60. Hayek, Constitution of Liberty, 13831. 61. Hayek, Road to Serfdom, Kindle location 4350. 62. Ibid., 4070. 63. Gunnar Myrdal, “The Equality Issue in World Development,” 1974 Nobel Prize Lecture in Economic
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. 67. Myrdal, Economic Theory and Under-Developed Regions, 84. 68. Quoted in Bauer, Dissent on Development, 69. 69. Myrdal, An International Economy, 201 70. Hayek, Road to Serfdom, 4338. 71. Ibid., 4331. 72. Ibid., 4334. 73. Ibid., 4339. 74. Myrdal, Development and Under-Development, 65 75. Ibid., 63, 65. 76. Myrdal, Economic Theory
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is from page 79. 49. J. B. Condliffe, Agenda for a Postwar World (New York: Norton and Company, 1942), 213. 50. J.B. Condliffe, “The Road to Serfdom,” Think 10 (December 1944): 34–35. 51. Condliffe, Agenda for a Postwar World, 175. 52. J. B. Condliffe, “Point Four: Economic Development,” in Point Four
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/charter/preamble.shtml, accessed August 22, 2013. 54. Quoted in Mark Mazower, No Enchanted Palace, 61. 55. Ibid., 62–63. 56. F. A. Hayek, The Road to Serfdom: Text and Documents; The Definitive Edition, ed. Bruce Caldwell, Volume 2, The Collected Works of F. A. Hayek (Chicago: University of Chicago Press, 2010), Kindle
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and individual rights, 17–19 and market-versus-state debate, 35 and nations versus individual rights debate, 30–32 and the Nazis, 20–22 The Road to Serfdom, 12, 22–24, 26–27, 32, 33, 36, 37, 39, 75, 96 and spontaneous order, 32–34, 35–36, 38–39 “The Use of Knowledge
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poor, 6, 9, 11, 82, 215, 338, 339, 340. See also Individual rights The Rising Tide of Color against White World-Supremacy (Stoddard), 84 The Road to Serfdom (Hayek), 12, 22–24, 26–27, 32, 33, 36, 37, 39, 75, 96 Robinson, James, 137–139, 167–168, 178 Rockefeller, Nelson, 114 Rockefeller Foundation
Keynes Hayek: The Clash That Defined Modern Economics
by Nicholas Wapshott · 10 Oct 2011 · 494pp · 132,975 words
Secretary Henry Paulson in October 2008. Glenn Beck, the political commentator, revived the reputation of Hayek by drawing the attention of Americans to his neglected Road to Serfdom, and the long-forgotten Austrian rose to the top of the book sales charts. Keynes was now out and Hayek in. Arguments over the competing
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two other pivotal organizations, the International Monetary Fund and the World Bank. Hayek, meanwhile, set out on his pessimistic masterwork, The Road to Serfdom.28 As his biographer Alan Ebenstein observed, “‘The Road to Serfdom’ revolutionized Hayek’s life. Before its publication, he was an unknown professor of economics. A year after it was published, he
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market is impeded beyond a certain degree,” he declared, “the planner will be forced to extend his controls until they become all-comprehensive.”32 The Road to Serfdom was published in Britain on March 10, 1944, in an edition of 2,000. Within days, however, Routledge ordered 2,500 more and thereafter struggled
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America, the University of Chicago Press published the book on September 18, 1944, after a number of mainstream publishers declined. The principal targets of The Road to Serfdom are what Hayek deemed the twin evils of socialism and fascism, though because at the time of writing Stalin’s Soviet Union was allied to
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was his usual shrill tone. Time at Cambridge, and proximity to Keynes, appear to have softened his zeal to prove his old adversary wrong. The Road to Serfdom is hardly a rebuttal of The General Theory. Hayek acknowledges the motive behind Keynes’s grand scheme: the dangers of prolonged widespread unemployment and that
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most productive use of our resources,”39 he wrote. In terms of his belated response to Keynes, there is a second significant omission in The Road to Serfdom. In The General Theory, Keynes not only provided an intellectual justification for government intervention but inadvertently invented a whole new branch of economics: macroeconomics, which
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of economic affairs on a national scale inevitably assume even greater dimensions when the same is attempted internationally,” he wrote. By coincidence, Keynes read The Road to Serfdom in June 1944 while he was sailing across the Atlantic en route to the Bretton Woods hotel in New Hampshire to preside over the negotiations
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wary of the relationship between government intervention and tyranny, Keynes believed that the tendency toward totalitarianism stemmed from individual moral choices. Hayek conceded in The Road to Serfdom that in the case of tackling chronic unemployment, planning might play its part and that the right form of planning might not lead to oppression
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so exaggerated it I must turn against you.”58 She took his views seriously enough, however, to publish a riposte, Freedom under Planning.”59 The Road to Serfdom was given an unexpected fillip in Britain in June 1945 when Winston Churchill simplified its theme in a radio broadcast opening the 1945 Conservative election
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“the most sinister offensive against democracy to emerge from a democratic country for many decades.”76 It soon became clear that, though hugely popular, The Road to Serfdom was a defining work that not only divided the Left from the Right but also the Right from the Ultra-Right. The quarrelsome libertarian Ayn
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two main disputing economists: there was Keynes and there was I. Now, Keynes died and became a saint; and I discredited myself by publishing ‘The Road to Serfdom,’ which completely changed the situation.”87 FOURTEEN The Wilderness Years Mont-Pèlerin and Hayek’s Move to Chicago, 1944–69 Hayek did little to build
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on the popular success of The Road to Serfdom in America. He was a reluctant public figure and found that the acclamation he received on his book tour disturbed his decorum. “I was asked
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of the classical economists, you must admit that they never feared being unpopular,” he said. Hayek had been taken aback by the hostility to The Road to Serfdom. Nor would such forcefully expressed antipathy soon abate. As the journalist Ralph Harris6 recalled, “Hayek went through a period in the Fifties and Sixties [when
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to America in 1933; John Jewkes,20 the British antiplanning economist; Karl Popper,21 the LSE scientific philosopher; Henry Hazlitt, whose laudatory review of The Road to Serfdom in the The New York Times helped ensure the book’s success in America; William Rappard, head of the École des Hautes Études in Geneva
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thirty-five-year-old Chicago economist enjoying his first trip outside the United States. Friedman, who had briefly met Hayek in Chicago during the The Road to Serfdom publicity tour, was invited at the suggestion of his wife’s brother Aaron Director,23 a member of the University of Chicago Law School. Director
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had met Hayek at the LSE and was instrumental in having the University of Chicago Press publish The Road to Serfdom. The trio from Chicago—Director, Stigler, and Friedman—jokingly referred to the trip as “a junket to Switzerland . . . to save liberalism”24 and were not
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eventually landed a post at the University of Chicago, though that proved far from easy. Chicago had been a home away from home during his Road to Serfdom publicity tour. The University of Chicago Press was his American publisher, and he enjoyed being billeted in the university’s congenial Quadrangle Club. (By contrast
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careful never to criticize Hayek’s Austrian School notions too harshly, Friedman remained unconvinced of their merit. Hayek’s venture into doomsday prognostication in The Road to Serfdom was also cited as evidence that he lacked the intellectual rigor expected at the Chicago School. According to John Nef, chairman of Chicago’s Committee
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the rebuff, Hayek accepted the post. Hayek wanted to kick-start his counterrevolution by writing a work that would be as popularly received as The Road to Serfdom. As his biographer Alan Ebenstein explained, “He hoped The Constitution of Liberty would be [Adam Smith’s] The Wealth of Nations of the twentieth century
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for all and, to the contrary, that when the rule of law is absent, tyranny reigns. Chastened somewhat by the charge that sensationalism informed The Road to Serfdom, in The Constitution of Liberty his approach was deliberately understated. “I have endeavored to conduct the discussion in as sober a spirit as possible,”44
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that the West was not forced to share its material achievements with the rest?”50 he argued. Controversial views kept coming. Conservatives who read The Road to Serfdom may have been excused for concluding that Hayek was one of their number; the book was such a challenge to socialists and communists and an
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of ifs and buts and of painful wrestling with the task of weighing pros and cons.”60 He reiterated George Orwell’s criticism of The Road to Serfdom, that Hayek had solely concentrated his objections to coercion in the public sector, when identical arguments could be made about private corporations. Viner derided Hayek
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glasses, thinning hair, and Groucho Marx moustaches, they looked so alike. In 1943, Hayek’s Viennese economist friend Fritz Machlup showed a typescript of The Road to Serfdom to Director, who passed it to Frank Knight in Chicago. Despite Knight’s skeptical report, the University of Chicago Press agreed to publish it. The
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interest in streamlining government or in making it more efficient, for I mean to reduce its size.”13 He was “much influenced by”14 The Road to Serfdom and detested Keynes’s influence, particularly on Republican administrations. Like Hayek, who opposed progressive taxation because it entailed the state not treating every citizen equally
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fulfill those ends.16 Friedman’s contribution elicited a sharp response from Paul Samuelson, the chief proselytizer of Keynesianism, who traced his ideas to The Road to Serfdom and suggested that the “freedom” philosophy contained a fatal flaw. “Your elbow’s freedom leaves off where my ribs begin,” Samuelson argued. “The majority of
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lease on life, it gave American conservatives a sense of buoyancy and of having ‘arrived,’ and it renewed public interest in the little book [The Road to Serfdom] that had made him famous.”33 Delivering his Nobel address, “The Pretence of Knowledge,”34 in white tie and tails before international dignatories, was the
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her shopkeeper father, but she had also searched for an intellectual justification for her views. At Oxford, where she studied chemistry, she had read The Road to Serfdom,39 and in 1974 she found the book newly relevant. Soon after assuming the Conservative leadership, when meeting the party’s left-leaning research department
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states and highly socialized economies than the United States, without somehow reaching a ‘tipping point’ whereupon they tumble into totalitarianism. There is in fact no road to serfdom through the welfare state.”13 Paul Samuelson, Keynesianism’s chief proselytizer, was, as expected, more robust. “As I write in 2007, Sweden and other Scandivanian
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American wellspring of Keynesianism. But, despite the championing of the political commentator Glenn Beck, who has devoted considerable time to popularizing the message of The Road to Serfdom, Hayek remains a little-known figure, paradoxically both a hero to those who define themselves as marginalized and big business’s favorite economist. Hayek was
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of his message. It was a startling display of self-confidence that over time brought on loneliness, insularity, and depression. Hayek steamed on, extending The Road to Serfdom to its ultimate conclusion: that only by turning over the whole of society to market forces can individuals become truly free. In The Constitution of
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dated “Spring 1933.” 16 Hayek, Hayek on Hayek, p. 102. Here Hayek dated his memo 1939, but Bruce Caldwell, in Collected Works, vol. 2: The Road to Serfdom: Text and Documents, The Definitive Edition (University of Chicago Press, Chicago, 2007), p. 5, believes he was mistaken and that the memo was most probably
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like to have chosen that, but it doesn’t sound good. So I changed ‘servitude’ to ‘serfdom,’ for merely phonetic reasons.” Collected Works, vol. 2: Road to Serfdom, p. 256, footnote. 29 Ebenstein, Friedrich Hayek, p. 114. 30 Hayek Archive, Hoover Institution, quoted in ibid., p. 129. 31 Letter from Hayek to Lippmann
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,” in Walter Lippmann, The Good Society (Transaction Publishers, Piscataway, N.J., 2004), p. xxxi. 32 Collected Works, vol. 2: Road to Serfdom, p. 137. For a full account of how Hayek intended The Road to Serfdom to fit into his broader Abuse of Reason schema, see Collected Works, vol. 13: Studies on the Abuse and Decline
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of the military ethos in peacetime industrial life. Collected Works, vol. 2: Road to Serfdom, p. 195, footnote. 36 F. A. Hayek, Preface to the original edition of The Road to Serfdom, in Collected Works, vol. 2: Road to Serfdom, p. 37. 37 Collected Works, vol. 2: Road to Serfdom, pp. 148–149. 38 Ibid. 39 Ibid., p. 214. 40 Hayek, Preface
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to the 1976 edition of The Road to Serfdom, in Collected Works, vol. 2: Road to Serfdom, p. 55. 41 Collected Works, vol. 2: Road to Serfdom, pp. 58–59. 42
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Ibid., p. 105. 43 Hayek, Preface to the 1956 American edition of The Road to Serfdom, in Collected
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Works, vol. 2: Road to Serfdom, p. 37. 44 Letter from Keynes to Hayek
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the Royal Economic Society, London, 1977), pp. 385–387. 46 Chicago Round Table, quoted in Ebenstein, Friedrich Hayek, p. 126. 47 Collected Works, vol. 2: Road to Serfdom, p. 148. 48 Collected Writings, vol. 17: Activities 1920–2, pp. 385–387. 49 Interview of Hayek by Thomas W. Hazlitt, 1977, published in Reason
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(G. Allen & Unwin, London, 1945). 60 Harold Macmillan wrote in his memoir that Churchill was “fortified in his apprehensions by reading Professor Hayek’s ‘The Road to Serfdom.’” Tides of Fortune (Macmillan, London, 1969), p. 32. 61 Clement Richard Attlee, Earl Attlee (1883–1967), British politician, leader of the Labour Party (1935–55
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Professor T. V. Smith (1890–1964), professor of philosophy at University of Chicago and House of Representative congressman from Illinois. 70 T. V. Smith, “The Road to Serfdom,” book review, Ethics (University of Chicago Press, Chicago), vol. 55, no. 3 April 1945, p. 226. 71 Ibid., pp. 225–226. 72 Russell Kirk, James
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and chairman of President Obama’s Economic Recovery Advisory Board (2008– ). Chapter Sixteen: Hayek’s Counterrevolution 1 Aaron Director, “Review of F. A. Hayek, The Road to Serfdom,” American Economic Review, vol. 35, no. 1, March 1945, p. 173. 2 Friedman and Friedman, Two Lucky People, p. 58. 3 Stanley Dennison (1912–92
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that you hear more than any other throughout Central and Eastern Europe is Friedrich Hayek. Underground, or samizdat, editions and rare English copies of The Road to Serfdom are widely read,” Tom G. Palmer, “Why Socialism Collapsed in Eastern Europe,” Cato Policy Report, September/October 1990. 2 John Cassidy, “The Price Prophet,” The
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Sereny, The Times (London), May 9, 1985. 11 Interview of F. A. Hayek, Forbes, May 15, 1989, pp. 33–34. 12 Collected Works, vol. 2: Road to Serfdom, preface to the 1976 edition, p. 53. Hayek had described Keynes’s General Theory in identical terms. 13 Adam Wolfson, “Conservatives and Neoconservatives,” in Irwin
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the Tail: The Keynesian Legacy of Inflation (Cato Institute, San Francisco, 1979). —. The Collected Works of F. A. Hayek, ed. Bruce Caldwell. Vol. 2: The Road to Serfdom, Text and Documents, The Definitive Edition, ed. Caldwell (University of Chicago Press, Chicago, 2007). Vol. 4: The Fortunes of Liberalism: Essays on Austrian Economics and
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.” —John B. Taylor, Stanford University, author of Getting Off Track “Wapshott’s reprise of the decades-long debate between Keynes and the author of The Road to Serfdom couldn’t be more timely.” —Cecil Johnson, Fort Worth Star-Telegram “In a new, meticulously researched book aimed at lending context and background to the
The Great Transformation: The Political and Economic Origins of Our Time
by Karl Polanyi · 27 Mar 2001 · 495pp · 138,188 words
reimport it from Vienna. 3. By coincidence, Polanyi’s book was first published in the same year that Hayek published his most famous book, The Road to Serfdom (Chicago: University of Chicago Press, 1944). While Polanyi’s work celebrated the New Deal in the United States precisely because it placed limits on the
Samuelson Friedman: The Battle Over the Free Market
by Nicholas Wapshott · 2 Aug 2021 · 453pp · 122,586 words
to Friedman but to his brother-in-law Director. Director was instrumental in having the University of Chicago Press publish Hayek’s highly influential The Road to Serfdom in the U.S. in September 1944 after no mainstream American publisher would take it.36 Now Hayek was inviting Director and others to a
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tide of rampant statism. Director didn’t take Hayek’s alarm too seriously. Hayek had already spelled out the dangers of accidental socialism in The Road to Serfdom. But the prospect of a week in Switzerland, all expenses paid by a group of Swiss bankers, seemed a good idea. It would be a
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society that has played a role in preserving and strengthening liberal ideas.40 Friedman had glancingly met Hayek in Chicago on a tour promoting The Road to Serfdom. In Switzerland, he got to know Hayek better and the important place he held in the early counter-Keynesian firmament. It was on Mont Pèlerin
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interest rates, ending with an economy in disarray and a recession. MANY YEARS LATER, Hayek went further, and, in 1944, in a wartime tract—The Road to Serfdom—warned that government intervention in an economy could jeopardize democracy by transferring key choices from citizens to government officials. But in a passage that would
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to haunt him, Hayek drew a line between what he thought was legitimate state activity and what he considered to be dangerous government overreach. The Road to Serfdom went on to sell millions of copies and, taken up by the Volker Foundation in the U.S., quickly became a bible for those who
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fluctuations does not lead to the kind of planning which constitutes such a threat to our freedom.48 Hayek sent a proof copy of The Road to Serfdom to Keynes, who read it on board an ocean liner crossing the Atlantic en route to, among other things, the Bretton Woods conference in New
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of the market gave way to humanitarian refinements such as the provision of universal healthcare and unemployment insurance, as Hayek suggested was appropriate in The Road to Serfdom, the only question that remained was to draw the line exactly between the state and the market. But Samuelson was not an advocate of government
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that you hear more than any other throughout Central and Eastern Europe is Friedrich Hayek. Underground, or samizdat, editions and rare English copies of The Road to Serfdom are widely read.”61 Friedman’s writing on the overweening power of the state was a key factor behind the collapse of communism spearheaded by
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repellent will people be free to speak their minds and choose their rulers. And Samuelson offered a graph to disprove Hayek’s contention in The Road to Serfdom that creeping government intervention led inevitably to the diminution of freedom. He plotted Britain’s political and economic freedoms enjoyed in 1850—the rule of
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that these assertions could not be true. Thrift was a virtue and profligacy a vice.24 While Joseph had encouraged Thatcher to read Hayek’s Road to Serfdom and Friedman’s Free to Choose, her conversion to Friedman’s monetarism was a short step from an existing devotion to the free-market ideas
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, including Robert Bork, Richard Posner, Antonin Scalia, and William Rehnquist. He was an early patron of Friedrich Hayek and was instrumental in having Hayek’s Road to Serfdom published in the U.S. 14.The Chicago School of economics at the University of Chicago has championed a neoclassical school of economic thought, which
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on Money, the Business Cycle, and the Gold Standard, ed. Joseph T. Salerno (Ludwig von Mises Institute, Auburn, Ala., 2008), p. 275. 48.Hayek, The Road to Serfdom, p. 125. 49.Letter from John Maynard Keynes to Friedrich Hayek, June 28, 1944. Reprinted in Keynes, Collected Writings, vol. 27: Activities 1940–1946: Shaping
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communism while being robustly opposed to right-wing tyrants. Friedman’s introduction to the University of Chicago Press’s fiftieth anniversary edition of Hayek’s Road to Serfdom contains this drive-by snipe: “Today, there is wide agreement that socialism is a failure, capitalism a success. Yet this apparent conversion of the intellectual
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. H. Hammond. Making Chicago Price Theory: Friedman-Stigler Correspondence 1945–1957 (Routledge, London, 2006). Harris, Kenneth. Thatcher (Weidenfeld and Nicolson, London, 1988). Hayek, Friedrich. The Road to Serfdom (George Routledge, 1944). ———. Choice in Currency: A Way to Stop Inflation (Institute of Economic Affairs, London, 1976). ———. The Collected Works of F. A. Hayek, ed
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. Bruce Caldwell. Vol. 2: The Road to Serfdom, Text and Documents, The Definitive Edition, ed. Caldwell (University of Chicago Press, Chicago, 2007). Vol. 9: Contra Keynes and Cambridge: Essays and Correspondence, ed. Caldwell
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for economics, 164, 166 popularity in Soviet bloc, 215 post–World War I experience in Austria, 61–62, 91 rejection of macroeconomics, 76, 95–96 Road to Serfdom, The, 35–36, 66–68, 87, 215, 222, 237, 334 in Samuelson’s Economics, 74, 315 on taxes in wartime, 309 on unemployment, 199 warnings
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, 22, 119, 302 Friedman on, 46 Galbraith and, 5–6, 22 Samuelson and, 6, 21–24, 120, 138 Kennedy, Joseph, 22 Keynesianism critique of The Road to Serfdom, 8, 68–69, 87 Great Depression and, 8, 23, 74–75, 98, 104, 106–7 macroeconomics, 18 multiplier effect, 14, 18–19, 39, 97, 100
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Act of 1986, 333 Volcker supported by, 202, 212 “Republican Revolution,” 251, 253 “Revealed Preference” theory, 163 “Right Approach to the Economy, The” (Joseph), 239 Road to Serfdom, The (Hayek), 35–36, 66–68, 87, 215, 222, 237, 334 Robbins, Lionel, 41, 306 Robertson, Dennis, 39, 41, 310 Robinson, Austin, 39 Robinson, (Edward
The Coming of Neo-Feudalism: A Warning to the Global Middle Class
by Joel Kotkin · 11 May 2020 · 393pp · 91,257 words
of a path upward, those in the global working class increasingly face economic insecurity and even a descent into a new kind of serfdom. The Road to Serfdom Serfdom emerged out of the wreckage of the Roman Empire, replacing slavery but reducing free peasants to another form of dependency and subjection. Slaves had
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the Old Regime, 293–94; Ernst Nolte, Three Faces of Fascism, trans. Leila Vennewitz (New York: New American Library, 1969), 28. 20 Frederick Hayek, The Road to Serfdom (Chicago: University of Chicago Press, 1972), 17; Nolte, Three Faces of Fascism, 57, 75, 166; F. L. Carsten, The Rise of Fascism (Berkeley: University of
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/28/the_european_center_weakens_475904.html. 8 Barrington Moore, Jr., Social Origins of Dictatorship and Democracy (Boston: Beacon, 1966), 418. 9 Frederick Hayek, The Road to Serfdom (Chicago: University of Chicago Press, 1972), 13. 10 Matthew Continetti, “Our Bankrupt Elite,” Washington Free Beacon, March 15, 2019, https://freebeacon.com/columns/our-bankrupt
Can It Happen Here?: Authoritarianism in America
by Cass R. Sunstein · 6 Mar 2018 · 434pp · 117,327 words
Is Not a Momentary Madness, But an Eternal Dynamic Within Liberal Democracies by Karen Stenner and Jonathan Haidt States of Emergency by Bruce Ackerman Another Road to Serfdom: Cascading Intolerance by Timur Kuran The Resistible Rise of Louis Bonaparte by Jon Elster Could Mass Detentions Without Process Happen Here? by Martha Minow The
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Is Not a Momentary Madness, But an Eternal Dynamic Within Liberal Democracies by Karen Stenner and Jonathan Haidt States of Emergency by Bruce Ackerman Another Road to Serfdom: Cascading Intolerance by Timur Kuran The Resistible Rise of Louis Bonaparte by Jon Elster Could Mass Detentions Without Process Happen Here? by Martha Minow The
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socialism, more broadly he considers socialism and fascism to be two branches of the more fundamental disease of extreme statism. Hayek’s best-selling The Road to Serfdom stressed how economic regulation and nationalization tend to lead to totalitarianism, and if you are skeptical, keep in mind that he wrote the book in
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. Martin’s Press, 2017. Friedman, Milton, and Rose Friedman. Free to Choose: A Personal Statement. New York: Harcourt, Brace, Jovanovich, 1980. Hayek, Friedrich A. The Road to Serfdom. Chicago: University of Chicago Press, 1944. Mises, Ludwig. “Middle-of-the-Road Policy Leads to Socialism.” Online, Mises Institute, https://mises.org/library/middle-road
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very constitutional order the declaration of emergency purports to protect. Are we equal to the challenge? Another Road to Serfdom: Cascading Intolerance Timur Kuran In one of the most influential books of the twentieth century, The Road to Serfdom, Friedrich Hayek warned against the dangers of state control over the economy. He was writing during World
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no reason for complacency. The United States could institute tyranny inadvertently, through well-intended calls on government to solve social problems.1 There is another road to serfdom, whose fount is not collectivist economic ideology. Although it may culminate in resource centralization, its starting point is the selective suppression of communications. The suppression
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, 2006); Bruce Ackerman, The Decline and Fall of the American Republic (New Haven: Yale University Press, 2010), 166–74. Chapter 11 1. Friedrich Hayek, The Road to Serfdom, ed. Bruce Caldwell from 1944 orig. (Chicago: University of Chicago Press, 2007). 2. For a classic statement, see James Madison, “The Federalist No. 51” (1788
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Anarchy, 42–43 Anceau, E., 287, 296, 298, 300, 301, 303, 306–7 Andic, Suphan, 45–46 Andrew, Christopher, 84 Andropov, Yuri, 82, 85 “Another Road to Serfdom: Cascading Intolerance” (Kuran), 233–75 Antifederalists, 62–64, 66, 75–76 Arab Spring, 140, 388 Articles of Confederation, 59–61, 64 Associations, 236, 237, 263
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, 315–16, 317, 318, 321 Korematsu v. United States, 224, 313–14, 315–17, 319–22, 440–41 Krastev, Ivan, 402 Kuran, Timur, 460 “Another Road to Serfdom: Cascading Intolerance,” 233–75 Kushner, Jared, 122 “Laissez faire conservatives,” 181–82 Lamartine, Alphonse de, 294–97, 302–3 “Latent” authoritarianism, 183–84 Lavisse, Ernest
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(play), 278–79 “Resistible Rise of Louis Bonaparte, The” (Elster), 277–312 Revel, Jean-François, 387–88 Richelieu, Armand Jean du Plessis, Cardinal, 280–81 Road to Serfdom, The (Hayek), 43, 236, 264, 268 Roberts, Oral, 243 Robertson, Pat, 243 Roosevelt, Franklin Delano, x, 4, 10, 13, 138, 314–15, 381–82, 438
Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown
by Philip Mirowski · 24 Jun 2013 · 662pp · 180,546 words
. This is not exactly news. John Quiggin has entertainingly dubbed the phenomenon Zombie Economics, and deserves kudos for stressing this point. Incongruously, Friedrich Hayek’s Road to Serfdom has returned to best-seller lists after a long hiatus. Even Ayn Rand has apparently enjoyed a new lease on (undead) life. One can readily
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left. It seems very neat and tidy to assert that neoliberals operate in a modus operandi on a par with religious fundamentalists: just slam The Road to Serfdom (or if you are really Low-to-No Church, Atlas Shrugged) on the table along with the King James Bible, and then profess to have
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against public employees by “populist” right-wing politicians to the total control over framing the problem of global warming, from the best-sellerdom of The Road to Serfdom to the astroturfing of the Tea Party, and, most notably, the pronounced shift of public attention from the culpability of banks and hedge funds to
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I In the aftermath of the crisis, Hayek is now treated as a seer of prodigious perspicuity; and at the exhortation of Glenn Beck, his Road to Serfdom has been read (or maybe just scanned) by thousands who will never be bothered to delve much deeper into neoliberalism, or come to comprehend the
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. 1 (Chicago: University of Chicago Press, 1973). Hayek, Friedrich. “The Moral Element in Free Enterprise,” The Freeman 12 (7) (1962): 44–51. Hayek, Friedrich. The Road to Serfdom (Chicago: University of Chicago Press, 1944). Hayek, Friedrich. Studies in Philosophy, Politics and Economics (New York: Simon & Schuster, 1967). Healy, Kieran. Last Best Gifts: Altruism
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Gesellschaft. 38 See Jackson, “At the Origins of Neo-liberalism,” p. 135 et seq.; Dardot and Laval, La nouvelle raison du monde. Hayek in The Road to Serfdom notoriously opined, “Probably nothing has done as much harm to the liberal cause as the wooden insistence of some liberals on certain rough rules of
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, p. 29. 142 Ibid., p. 110. 143 Ibid., p. 3; Arnsperger, Critical Political Economy, p. 90. 144 Hayek, The Road to Serfdom, p. 164. 145 Hayek, The Constitution of Liberty, p. 376; Hayek, The Road to Serfdom, p. 77, 30, 290–91. What is regarded as wickedly radical in science studies, is propounded as eminently conservative
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their predecessors: “most nineteenth century liberals were guided by a naïve overconfidence in what mere communication of knowledge could achieve” (p. 377). 147 Hayek, The Road to Serfdom, pp. 204–5. 148 Hayek reveled in the tough-minded stance of the scholar who disparaged any recourse to the Third Way, most notoriously in
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his denunciation of the welfare state as just the slippery “Road to Serfdom.” This sets him apart from his contemporary figures like Walter Lippmann, or Keynes, or their modern epigones like Cass Sunstein or Joseph Stiglitz. 149 Hayek
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the position that it was politically unwise to demonize such a powerful constituency in the twentieth-century economy. See Mirowski, “Naturalizing the Market.” 153 Hayek, Road to Serfdom, p. 162. 154 Hayek, Studies in Philosophy, Politics and Economics, p. 178. Attacks upon “intellectuals” were a common refrain in the history of Mont Pèlerin
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NTC Popper on “The Prospects of Freedom,” quoted on Kauffman Foundation website on radical freedom of market response to Great Contraction on reward and effort Road to Serfdom Rothbard on Schmitt on Schneider on on “scientism,” on “self-realization,” “socialist calculation controversy,” on standard equilibrium concept Studies in Philosophy, Politics and Economics on
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Republican Party, Restructuring of universities Reuters Revealed (Journal) Scripture Revere, Paul “Ricardian Equivalence,” Righteous Sound Thinking Risk Risk, Uncertainty and Profit (Knight) Ritalin Ritholtz, Barry Road to Serfdom (Hayek) Robbins, Lionel Robin, Corey Robinson, Joan Rogoff, Kenneth Rogoff Reinhart neoliberal line Romer, Christina Romer, Paul Romney, Mitt Roosevelt Institute Röpke, Wilhelm Rosner, Josh
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