The Road to Serfdom: Text and Documents--The Definitive Edition Volume 2

by Friedrich A. Hayek

Book Overview

This is a condensed edition of 'The Road to Serfdom' republished in this edition with 'The Intellectuals and Socialism' (originally published in 1949). In 'The Road to Serfdom' F. A. Hayek set out the... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0226320553
• ISBN13: 9780226320557
• Release Date: March 2007
• Publisher: University of Chicago Press
• Length: 304 Pages
• Weight: 1.02 lbs.
• Dimensions: 0.9" x 5.9" x 8.9"

Customer Reviews

A Landmark Book, More Actual And Needed Than Ever

This condensed book by Nobel prize co-winner Friedrich Hayek is more actual and needed than ever in the current economic crisis (2007-?). Every crisis presents an opportunity for government to increase their powers and to reduce the individual liberty. I deeply fear that the current crisis will result in more government bodies, intervention, regulation, spending and power. Similarly, after the attacks of the 11th of September, the US was quick to pass the (in)famous 'Patriot Act' - as always, the ends justify the means. It seems that we never learn from history, and we are doomed to repeat it over and over again. Hayek clearly shows the dangers of collectivism and central planning, and how a democratic socialism - an utopian dream - is impossible. He demonstrates how the free market and individual liberty are so necessary for greater prosperity and happiness. This is in contrast with the ever-growing government, which in the name of the vague 'National Interest', 'National Security', 'General Welfare' buzzwords systematically violates the liberty and reduces the freedom of their citizens. Along the same lines, but more Economics oriented, I highly recommend Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics by Henry Hazlitt. 'A policy of freedom for all individuals, is the only truly progressive policy', and remember, never surrender your freedom!

When democracy becomes dominated by a collectivist creed, democracy will inevitably destroy itself

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and the principal proponent of libertarianism in the twentieth century. In this book written in 1944, Hayek expertly refutes socialist schemes and shows the utter peril that socialism poses to individual freedom. We were warned in the 19th century by one of my favorite historians, Lord Acton, "that socialism is slavery". Hayek expertly points out throughout the book how democracy is no safeguard to economic freedom. He does this by pointing out the command economy structure that was instituted in Great Britain to show how individual freedom was stolen from the individual by the "economic interventionists" in the government. One of Hayek's most prescient quotes is; "When democracy becomes dominated by a collectivist creed, democracy will inevitably destroy itself." Hayek points to how most politicians feel they need to use government to plan the economy of a nation. "Planning is a synonym for socialism and a small step away from communism. He ably refutes Keynesian theory throughout the book. This is an easy to read and understand book that should be read by all who wonder what role the government should have on our economic choices. As a retired Army officer and student of political philosophy, I recommend this book to anyone who is interested in political philosophy, economic theory, and history.

Against the wind

When Hayek wrote "The Road to Serfdom" in 1944, the the economic portion of the political climate was steeped in Keynesian thought, and Hayek's work went almost unnoticed. Fifty-seven years later, there is little doubt as to who was right. The most prosperous nations on Earth are also the most free - socially AND economically.Hayek is one of the fathers of the neo-classical school of economic thought, and modern libertarianism. In this book, Hayek demonstrates the inherent contradiction between freedom and a command economy, and the inevitable descent of socialism into totalitarianism. The accuracy of his predictions of the long-term results of communism were uncanny, and a dire warning against attempting this road yet again.This is an absolutely essential book for a modern libertarian or student of economics, as well as any liberal or conservative with an open mind and a desire to understand the vastly differing economies and governments of the world. Written for the layman, it is lucid, clear, to-the-point, and, most importantly, has been backed up by world events during last half-century. A classic work in the field of economics.

Outstanding

Hayek's classic book is a dissertation on why political freedom is, and can only be, inextricably linked to economic freedom. Originally published in 1944, his specific examples of socialist planning gone wrong are (were) Italy, the USSR, and most prominently, Germany. He primarily uses the British for comparison and contrast purposes, and directs many of his remarks toward Western European nations who were flirting with their own versions of socialist economic planning. He felt that these nations were ultimately going down the same road that the Germans had already traveled two or three generations earlier. Hayek's central thesis is that individual liberty (economic and political) and collectivism are mutually exclusive, and that even the most well-intentioned socialist society will ultimately evolve into a totalitarian state. Hayek elaborates upon the following key arguments (and others): (1) Collectivism represents the undoing of liberalism (in the classic sense). (2) Socialism necessitates that the efforts of the populace be directed towards a common goal, often called something like "the common good." The economic system must be centrally planned in order to achieve this goal. Such planning amounts to coercion, and individual liberty is sacrificed for the degree of security a socialist state provides. (3) A free society operates according to the Rule of Law, where the rules are known beforehand. The economy of a free society consists of the net sum of individual decisions made within the known legal framework. By contrast, a centrally planned society relies upon government decisions that must be made on the basis of current necessity, what Hayek calls "arbitrary government." (4) Money promotes economic liberty, acting as the medium to provide the individual with the freedom to use his compensation in whatever manner he chooses, rather than being dependent upon a compensation whose specific nature is determined by others. (5) Socialism is inherently nationalistic or ethnocentric, because the leading party often must rally the populace to focus against a threatening group in order to effectively promote its own agenda. A "one-world" socialism that unites across peoples, nations, and ethnic backgrounds is not workable. (6) True believers in a socialist society must hold the interests of the State as higher than their own. Those who will move up the ranks in a socialist society are often prepared to do anything on behalf of the state, no matter how much this opposes one's own moral principles. Those who are amoral are thus more likely to "succeed" in a socialist hierarchy. Hayek holds out little hope that a socialist utopia will work if only "good people" are put in charge.Contrary to some of the negative reviews below, I must argue that Hayek's book is certainly not "vicious propaganda," (and, I might add, that I sincerely doubt that Hayek's own lips were "lice-ridden.") Nowhere in the book does Hayek cele