I sincerely believe that in the future, “The Road to Serfdom“will rank alongside works of the John Locke, Adam Smith, Edmond Burke, Alexis De Tocqueville, and Ludwig von Mises in defining human freedom. Its insights inspire me to read it again at least every few years. And that is easy to do because it is a brief, well written book that explains how essential the freedom and dignity of each human individual are to the formation of a prosperous, good and just society.
Like many young, intelligent, concerned people, Hayek started his adult life as a democratic socialist, the trendy thing for young people then and now. But World War I caused him to questions the assumptions he had made about the social order. In conversations with his cousin Ludwig Wittgenstein, he developed a strong desire to discover ways that humanity might avoid the tragedy of the War in future. He studied with numerous academic luminaries in Vienna after the war including the renowned economist and powerful anti-socialist Ludwig von Mises. Then, in 1931, he wrote a book that earned him an invitation to join the London School of Economics where he famously debated the demand-side guru, John Maynard Keynes. Keynes won these debates in the short run and held sway over mid-century world economic policy, but lost to history with the supply-side revolution of Freedman, Reagan and Thatcher who all acknowledged their great debt to Fredrick Hayek. This book is not Hayek’s crowning achievement in academic economics (for that work he won a Nobel Prize) nevertheless, it is his most famous and influential work.
As undergraduates, many people read Plato, particularly “The Republic”, and are enthralled. The idea that we can willfully design a perfect, conflict free…