The Road to Serfdom

Friedrich Von Hayek

The Road to Serfdom

21min

21min

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When a totalitarian regime comes to power, people often wonder how it happened. They think that they have done everything right, and that they don’t deserve it, and they wonder how it came about when the dictates of democracy were clearly respected. We can only assume that the fault lies with some factor beyond our control. Yet, the history of the twentieth century has clearly shown that anything is possible and that we should be on the lookout for signs of any loss of freedom. The Road to Serfdom left politicians, economists and intellectuals either inspired or infuriated by its take on how a totalitarian regime can seize power and by the author’s explanation of why we should always be on the lookout.

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Analysis and key concepts

01.

Unwanted change takes us by surprise, but perhaps this is to be expected

02.

In an attempt to modify freedom, socialism ended up suppressing it

03.

Top-down planning and bottom-up competition are the perfect contrast

04.

Top-down planning cannot satisfy everyone

05.

Democracy and state planning are like oil and water

06.

When you factor in finance, planning is at risk of becoming unfair

07.

State control of the economy leads to the loss of individual freedom

08.

Regimes and socialism seem ideal until they are applied

09.

Financial security is the prime mover of regimes

10.

The worst ones always end up in positions of power

11.

Propaganda can destroy the very meaning of words

12.

The seeds of totalitarianism are always around us

13.

Quotes

14.

Take-home message

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Many useful tips to:

  • Understand how totalitarian regimes have taken hold in the past.
  • Appreciate that the seeds of totalitarianism already exist in every society.
  • Understand that the economy is the key driver of totalitarianism.
  • Prevent totalitarian regimes from taking hold in the future.

Nobel Prize winner Friedrich Von Hayek was an Austrian-British economist and sociologist in the twentieth century. His work took a critical view of state intervention in the economy. An ardent supporter of the free market, and an inspiration to the liberal economists that came after him, he won several awards both in Britain and the United States.

Publishing house:

Univ of Chicago Pr

Year:

2007

Pages:

283

ISBN:

978-0226320557