Lessons as relevant today as when they were written, April 12, 2002

Some dismiss this work as dated or irrelevant to current trends because the versions of socialism embraced by fascist nationalism and soviet communism. Others point out (correctly) that the Soviet system bore little resemblance to that proposed by Marx and Engels. They miss Hayek's point: The Soviets and the Nazis are simply examples of what awaits ANY society that goes down this ill-fated road. One chapter, "Why the Worst Get on Top", even discusses why such societal constructs inevitably produce despots.<P...

Hayek doesn't argue simply that attempts to control the entire economy result in a loss of freedom. He argues that attempts to control ANY significant aspect of the economy will yield the same results. And history supports his conclusions. This is a lesson that grows more and more relevant in twenty-first century America. Don't think so? Consider the Mussolini quote at the start of Chapter 4: "We were the first to assert that the more complicated the forms assumed by civilization, the more restricted the freedom of the individual must become."

While the writing style can be a bit challenging (as might be expected from the writings of a noted economics scholar of the 1940s), it is broken down into easily digestible chapters that systematically drive the author's point home. Some may initially be perturbed by the use of the term "liberalism" in the classical sense, rather than as it is used in modern American political debate. Don't be deterred. Those who take the time will be rewarded with insights into those who embrace collectivism, those who promote it, and the (inevitable) consequences.

If you find this book as rewarding as I did, try Hayek's "The Constitution of Liberty".