2014-01-03
But he did not like Hayek's alternative.It cannot be said too often – at any rate, it is not being said nearly often enough – that collectivism is not inherently democratic, but, on the contrary, gives to a tyrannical minority such powers as the Spanish Inquisitors never dreamed of.Professor Hayek is also probably right in saying that in this country the intellectuals are more totalitarian-minded than the common people.
But he does not see, or will not admit, that a return to ‘free’ competition means for the great mass of people a tyranny probably worse, because more irresponsible, than that of the State. The trouble with competitions is that somebody wins them. Professor Hayek denies that free capitalism necessarily leads to monopoly, but in practice that is where it has led, and since the vast majority of people would far rather have State regimentation than slumps and unemployment, the drift towards collectivism is bound to continue if popular opinion has any say in the matter.In his review, Orwell suggests no solution; instead he submits to pessimism.
Both of these writers are aware of this, more or less; but since they can show no practicable way of bringing it about the combined effect of their books is a depressing one.Worth the two minutes it takes to read.
The Road to Serfdom in Retrospect: Then and Now
2014-01-02
In 1944, Hayek published The Road to Serfdom as a battle cry against collectivism and an affirmation of core liberal principles. It was such a smashing success that in 1945 Reader’s Digest published a condensed version. According to John Blundell, “Hayek thought it impossible to condense but always commented on what a great job the Reader’s Digest editors did.” It is in this spirit that I feel...
(Still) Uncovering Hayek's view of MV. A Note
2013-10-11
Fingering through Denationalisation of Money tonight, I found a quote that clearly reflects, I think, Hayek's view regarding MV stabilization. As you might expect, if you have read my last few posts, it is complicated!: I have long since come to the conclusion that no real money can ever be neutral in this sense, and that we must be content with a system that rapidly corrects inevitable errors....
Turning Point: Hayek as Monetary Visionary
2013-10-29
In 1949, Hayek reflected on the success of socialist ideology and the waning of classical liberalism: In particular, socialist thought owes its appeal to the young largely to its visionary character; the very courage to indulge in Utopian thought is in this respect a source of strength to the socialists which traditional liberalism sadly lacks. He closes the article by arguing: We must make the...