Customer Reviews

The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2)

5 star:		(8)
4 star:		(0)
3 star:		(0)
2 star:		(0)
1 star:		(1)

 

 

In 1979 my wife and I had a delightful conversation with Hayek in Freiburg, Germany. He said that Thatcher had contacted him twice for his endorsement for her election campaign but that he could not do so since "I am not a conservative." Hayek always viewed himself as a 19th cent. liberal and would most likely have the same view of Glenn Beck who misrepresents not only the historical reality of the Progressive Reforms but also, sad to say, Hayek's positions. A study of the Freiburg School of Economists, the Ordoliberals as it is also called, of which Hayek as well as Roepke, were major members, would solve Beck's predicament. See also the last chapter of Hayek's "Constitution of Liberty" in which he explains why he is not a conservative.

Unfortunately, Hayek, while under the overwhelming events of the 1940s, did not and could not anticipate the massive cost shifting in the private sector of the U.S. economy that violates true capitalism. Collectivism is rampant in America's PRIVATE sector. Though he predicted nearly all major events during his lifetime, he did not foresee the use of the Fed's monetary policy to subsidize and reward the mischief of the parasitic private sector activities on Wall Street, the massive rewards for having done so and all the private sector socialism for the rich which books like David Cay Johnston's "Free Lunch", among many, have exposed. Johnston shrewdly uses the moral philosopher, Adam Smith, to fault all the parasitic exploitors of the taxpayers direct or indirect subsidies to hoodwink the masses as well as the massive thefts on Wall Street that have essentially caused slumerica from coast to coast.

In re to the "Road to Serfdom" it is a masterpiece of objective economic-political analysis. It is also a tour de force, written with passion, conviction and justified concern. Published in '44 while Hayek taught economics at the London School of Economics, he shrewdly observed that the British government and economic planners were falsely conceptualizing post-war policies to retain war-time centralized control. After all, so it seemed, war-time production was boosted tremendously under central governmental control of the economy. So why not retain and expand it after the war is over to boost the living standard.

This was either spelled out or implied in various White Papers or reports which drew inspirations from the theory of Hayek's chief opponent, John Maynard Keynes. Hayek warned that such dangerous policies, which he thought emulated too much German National Socialist economic policies, would fail and jeopardize liberty.

Unfortunately, his warnings were disregarded by the British post-war governments and the subsequent evolution of the British economy relative to the German one tells the story. The British centralized, nationalized industries as well as the Bank of England, passed the Town and Country Planning Act, created a national health system, etc. while the Germans decentralized, freed the central bank from political control, denationalized industries and restored private initiatives, relatively speaking. The British developed the British economic disease while the Germans pulled off one of the world's most stunning economic miracle. It was all in compliance with Hayek's profound analysis and prediction. One could almost cynically says that the British in enacting National Socialist economic policies fought the Nazis to have the right to adopt Nazi economic policies. Compare for example, the British nationalizing the Bank of England much like Hitler taking over the German central bank in '38 or, for more shocking comparison, read the British labor party platform of '45 and compare it with the socio-economic policies advocated in the l921 Twenty-Five Point Nazi party program.

Beyond this, Hayek's book is also a wonderful analysis of how knowledge pulsates throughout the economy, how economic progress is achieved, how, above all, liberty can be preserved and how the "worst wind up on top" (the title of chapter ten) of a political hierarchy. This chapter can be used to explain in part the rise of Stalin, Hitler, Mussolini, Mao, Saddam Hussain, Castro, and so on down to even LBJ, Nixon, Clinton, Sharon and Bush, Jr., etc.

This book has had a long life and deservedly so. All undergraduates and anyone interested in profound philosophical-economic analysis should read it, especially those interested in preserving liberty and preventing serfdom. One of the primary elements for this, according to Hayek, is to deny centralized planning. Ironically, Hayek's chief opponent, John Maynard Keynes who influenced post-war centralized economic planning tremendously, reviewed the book favorably before his death and and said something to the effect that morally and philosophically he found himself in agreement with nearly all of it and not just in agreement but in heartfelt agreement. Too bad the politicians did not heed the change of mind Keynes had just before he died. Had they followed Hayek, the corrosive consequences of politicized Keynesianism in terms of the inflation, centralized planning and other results could have been prevented. By l969, Nixon publicly stated "we're all Keynesians now." In effect America's economy outkeynesianized Keynes since Keynes did not advocate deficit spending during boom times but the political pressures of the producer and seller to stimulate demand for their products along with the ulterior motives of the politicians caused deficit to become rampant even during boom times.

George Orwell, a socialist, was also favorably impressed by this book and most likely was inspired by it when he wrote in 1948 his famous "1984."

But by l974, Hayek received, belatedly, the Nobel Economics Prize (though he shared it with Gunnar Myrdal) and wise scholars and graduate students in communist nations in Eastern Europe started to disseminate and read this book with vigorous enthusiasm. Though it is not well known, this book, along with others Hayek wrote, did more to erode Communism than anyone or anything else. By the early l990s, several editorials in the Wall Street Journal paid tribute to Hayek and the favorable impact his publications had on eroding communism.

A recovering Marxist, I learned about this book when I began to read "Reason", "Liberty", and other libertarian journals. It's not the easiest thing to read, but Hayek's challenge to the socialists of his day helps to explain how the West has developed into more and more of a socialist culture where imagined needs for security seem to outweigh the desire for liberty. I have another edition of this book in paperback; I use the iPhone Kindle application, which means smaller pages. In a work this dense, that is definitely a good thing.

My, self made, bumper sticker reads "unwillingly going down "The Road To Serfdom". If you want to know what happens to your freedoms under socialism read this book. Whoever is "Pro Choice" read this book and decide which is more important government programs or the right to choose because if the scenario were reversed you would be making that "choice" at the voting booth. READ THE BOOK.

I consider this a must read for anyone seeking to understand the current financial situation in the US. This work was written in the 40's which makes it a prophesy for what we are experiencing now in 2011. It is amazing how this once a socialist turned free market economist predicts the end game we are facing today. If you want to understand the root cause of our malady this book will remove all doubt from your mind.

Hayek gives excellent reasoning and examples of the dangers of a planned economy. It should be required ready for all students of economics and all politicians.

IN 1944, Freidrich von Hayek temporarily laid aside the economic work that would win him a Nobel Prize and penned a book warning about the dangers of economic planning. This book, initially rejected by 3 publishers, went on to become a classic. Now, Road to Serfdom has been reissued in a "definitive edition" that contains a comprehensive introduction by editor Bruce Caldwell, all the introductions and prefaces that have appeared in print versions of the book, and extensive end-notes.

For those who have not read Road to Serfdom, Hayek's book is a stunning work of political theory. Having lived most of his life in Western Europe, Hayek was in a remarkable position to warn nations not to follow the examples of collectivist states like Germany and Russia. Fascism and socialism, he argued, are variants of the same collectivist impulses that others must guard against. What once starts as attempts to create a classless society or create "freedom from want," becomes a willing hand-over of power from individual citizens to governments. Once the hand over is made, individual choice is easily abolished.

When Hayek wrote, he had many critics. Some said that his history was off. Others said that his warning was too strong. If anything, time has proved Hayek right. He suggested that once one starts on the road of economic planning, the more power government assumes, the more freedoms individuals lose, and the harder it is to resist furthering the trend. And it is true that every advanced nation has moved in the statist directin since original publication of Road to Serfdom. As we speak, the United States government now owns a car company (Chevrolet) and is talking about nationalizing banks. Hayek showed us where the road was, warned us where it would take us, and we have been taking it ever since.

I am glad to see Hayek's book reissued. As masterful a work as it is, several of Hayek's end notes were wrong (page numbers were off, works were mis-cited). All of that is corrected here. Bruce Caldwell's introduction places Hayek's work in good historical context and tells the story of the work's inception and struggle for publication. Also, prefaces by the likes of Milton Friedman reinforce the importance of Hayek's 1944 masterwork.

This is a very important book in the history of Western ideas. If you haven't read it, make sure you get your hands on it. If you have read it, rediscover this.

Hayek's "The Road to Serfdom" is an important text that everyone should read. This book is Hayek's argument against socialism communalism of various sorts. His argument is that any attempt at directing society involves repressing individuality, and in doing so makes every one poorer for it. Individual liberty is to be cherished and protected against the state. Government control of economic forces always leads to serfdom. You many not agree with this position, but you should at least consider Hayek's argument.

This book was written and edited during World War II and the height of Nazi power. There are many references to the Nationalist-Socialist movement. Hayek, an Austrian, was very familiar with this movement. He is a passionate classic liberal, not today's left leaning kind. A classic liberal is one who believes in individual liberties, a controlled state, and free trade among nations. Hayek understands that governments have a role in defending basic laws and stopping aggression, but he also knows there is a great danger in allowing the state to direct economic policy over free markets.

Hayek writes with a passionate open and simple language, unlike Keynes. In contrast, Keynes writing is very methodical and written from an academic's point of view. Hayek, while an academic, knew he needed to speak to the broader audience. This gets back to the timing of the book. After World War II there was great pressure by democratic societies to retain a government controlled economy. A great debate with one side arguing for Keynesian policies where government was a major force in the economy. Hayek and his kind were arguing for free economies with minimal government presence. This book is the essence of that argument. There are no charts or data tables, only the case that a government planner cannot manage an economy without our giving up our individual rights. In the end this always leads to a dictatorship.

The sample ends in the middle of the introduction. Why write a review on something you clearly did not buy or read? Odd...

This is the tired old work of a tired old philosophy - outdated by the collapse of neoliberalism in a welter of idiotic 'financial instruments'. Capitalist profits have been falling steadily since 1970, and capitalists have been voting against capitalism by putting their money into repackaged mortgages and other financial dodges - leading to the growth in the imaginary financial market. Capitalism, as Marx predicted, is unable to sustain profitability based on competition. Hayek was a narrow minded man with a poor grasp of economics and and even poorer grasp of philosophy. The world of thought has moved on so much since then. This book has a purely anthropological interest. For the real deal read someone like Slavoj Zizek. Hayek is political philosophy for pass graduates in economics.