The Road to Serfdom, the Definitive Edition

An excellent primer for beginners of economic hist

This book along with Friedman's Free to Choose can give the casual reader a strong base of knowledge of political theory tied with economics. Would highly recommend to supplement modern curriculum.

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Hayek's case for individualism over collectivism

Nobel laureate in economics and US Presidential Order of Freedom recipient Fredrich August Hayek (1899 - 1992) joins Carl Menger and Ludwig von Mises as the three main economic philosophers of the Austrian School of economics. Mises became a US citizen while Hayek became a British citizen but spent years in the US. The most important works of both Mises and Hayek were in the area of political philosophy rather than traditional economics.

The Road to Serfdom was written in Hayek's early 40's and was published in Great Britain early in 1944 and in the US later that year. Hayek wrote a second edition in 1956 which simply added a forward. I wrote and Audible review of the 1956 edition (that edition is no longer available at Audible) several years ago. The current edition, published in 2017, is edited by Bruce Caldwell and it contains much additional information on Hayek's life and general philosophy.

I must start this review by admitting that I have read all of Hayek's many works and I am a fan of, nay a disciple of, his economic and political philosophy. I first read The Road to Serfdom, the 1956 edition, at a high school senior early in 1961. And I have reread it multiple times. It is, in my opinion, the most important book on economic and political philosophy written during the 20th century.

In simplistic terms The Road to Serfdom makes the case for individualism verses collectivism. Hayek states and demonstrates that collectivism/socialism in all of its variations from communism to fascism/nazism ends up of necessity as authoritarian dictatorships. From an economic point of view the difference between individualism/liberalism/classical liberalism and collectivism/socialism is that the latter does centralized economic planning while the former does no such centralized economic planning. From a political point of view under Hayek's form of liberalism/individualism individuals have freedom while under socialism (including communism and fascism) individuals are unimportant (an individual has no liberty whatever) while groups are very important.

Hayek calls his political philosophy liberalism or classical liberalism. He makes a minor reference to the difference between classical liberalism and conservatism in The Road to Serfdom, but in his next major work titled The Constitution of Liberty on pages 517 - 533 he writes an essay now titled Why I am Not a Conservative that clarifies his position of conservatism. His argument is that conservatism indicates a strong reluctance to change and it can exist in any political system including collective systems. My description is simplistic due to brevity. I urge all reading this to find Why I am Not a Conservative on the Internet and read it.

Much has been written by fans of Ayn Rand on the similarities of her objectivism philosophy and Hayek's classical liberalism. Rand's political philosophy is certainly about individualism of the most rigid and unworkable type possible and it would certainly lead quickly to anarchy if ever implemented. Hayek's classical liberalism is reasonable and workable.

I recommend The Road to Serfdom without reservation.

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A great reading of a remarkable book.

Hayek's words read as true today as they did in 1944 in the continual battle between liberty and tyranny.

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Excellent, Pertinent, Accessible

Simply a must read! Logical, factual, historically accurate, hugely important, and completely ignored by academia.

If I had to pick only 2 books to recommend to the world, they would be Hayek's "Serfdom" and Jordan Peterson's "12 Rules." the two best books I've ever read.

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Great Book. Second Time Through

Amazing that universities still want to endorse socialism and central planning in view of 20th century realities.

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Very true!!!

Socialism and communism pave the way for totalitarianism with regimes like National Socialism (Nazism) an almost expected byproduct.

Only by supporting free market capitalism unfettered by coercive government can world society achieve desired individual personal freedom and safeguard against large state mediated violence.

Hayek's book is as true today as it was in the time of WWII.

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fantastic

this was a much easier read than Adam Smith or Ludwig von mises. sadly it is more relevant than ever.

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This book is more relevant today then ever

socialism and economic planning will cause good leaders to be tyrannical to those that are of less favor to the majority.

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powerful classic about socialism

one of the best treatises on why government planning of economic things never works. this should be required reading IMO

If you are a socialist read this review first.

With the right mindset this book can be incredibly useful for today's socialists. But F. A. Hayek's non conciliatory language towards socialism is bound to trigger socialists and put them in a defensive mindset, which renders this book useless to socialists.


So to make this book useful to Socialists allow me to provide a little insight.  F. A. Hayek noticed a troubling line of thought that was prominent among a lot of socialist in his day. He then defined socialism by this troubling line of thought. But this line of thought is not and never was Central to socialist ideology. Because of this F A Hayek has a flawed definition of socialism because by F A Hayek's definition of socialism most socialist countries today are not socialist, but all dictatorships are socialists, even the extremely anti-socialist ones.


But Hayek's assessment of the troubling line of thought that he observed is spot-on, and if you don't look out for it this troubling line of thought can infect any ideology.


As a socialist it is important that you recognize this troubling line of thought and ensure that it does not infect your socialist movement.