I am honored and thankful you commented by the way. Hayek’s book but believed it had no practical application. I think when you look at the Charles Dickens novel “Hard Times” and make comparisons to today and the need for more government protection it is more an emotional argument. For the UK alone, choosing a more socialist system would destroy moral virtues like independence, responsibility, and self-reliance. See there is this fear that without government all justice and safety would fall apart. Keynes, of course, read F.A. 1996. A democracy is based on individual freedoms. He just believed in the least government possible. This study guide contains the following sections: This detailed literature summary also contains Topics for Discussion on Any thoughts to what Hayek might have towards philosophy? Once this system is in place, the process is almost irreversible. Hayek went on to write how the idea that an economy could be controlled is more absurd than any military plan of action. . People have to see be aware of the cost and read history. economy that would be much better run by those who know about it, people with low moral standards end up on top. The way totalitarians make people believe their way is the best is to try to convey that the state-controlled economy is something they always believed in but did not have proper voice or recognition. The five year period is an estimate of how long it would take to bankrupt the Socialist Nation. Hayek believed that liberty was the main thing that is destroyed first. Individualism and personal values and morals in the population are destroyed by the state through the use of propaganda. Hayek believed that society has reached a certain level there is no reason society can not help people with the basics. One thousand years ago it was by force or economic hardship, such as crop failures. It is an important book today because now economists and politicians are debating how to solve the high unemployment and long-term disequilibrium in the financial markets. Again The USA and the UK compared to communist Russia, fascist Italy and national socialism of Germany. The UK and the US coming from the west and Russia from the east would spell the end of the war. And just look at the difference it made in how much better they fared than other nations that weren’t so smart! In other words, it’s easier to unite a large group if they all think the same way. I agree these things are wrong and have no problem with some regulation over public goods. “Fanatical, Not Reasonable: A Short Correspondence Between Walter Block and Milton Friedman (on Friedrich Hayek’s Road to Serfdom).” Journal of Libertarian Studies, Vol. A key point is like all the pieces of this the planning move up the pyramid, at the top you need even more authoritarian control, in order to try to implement the plan successfully. The only way to make it all work is by coercion and force. When the economy is won by groups of monopolies coalesced with their labor organizations, then there isn't equality. The Book You Wish Your Parents Had Read Summary. The other can't function if there are individual freedoms, so it has to suppress individualism and replace individual thinking and values, if it is to survive. However, Hayek, believe the only protection against abuse is decentralization. The problem is that government does not allow the big wheeling and dealing businessmen to be punished via the market. Although this book is old it brings up a lot of powerful points about the amount of control a government should have.