Wikipedia

The Road to Serfdom

The Road to Serfdomis a book by the Austrian-BritisheconomistandphilosopherFriedrich Hayek.In the book, Hayek"[warns]of the danger oftyrannythat inevitably results from government control of economicdecision-makingthroughcentral planning."[1]He further argues that the abandonment ofindividualismandclassical liberalisminevitably leads to a loss offreedom,the creation of an oppressive society, the tyranny of adictator,and theserfdomof the individual. Hayek challenged the view, popular among British Marxists, thatfascism(includingNazism) was acapitalistreaction againstsocialism.He argued that fascism, Nazism, and state-socialism had common roots in central economic planning and empowering the state over the individual.

The Road to Serfdom
Cover of the first UK edition
AuthorFriedrich Hayek
LanguageEnglish
SubjectPolitical science,economics
Published
Publication placeUnited Kingdom
Media typePrint
Pages266
ISBN0-226-32061-8
OCLC30733740
338.9 20
LC ClassHD82.H38 1994

Since its publication in 1944,The Road to Serfdomhas been popular amongliberal(especiallyclassical liberal) andconservativethinkers.[2]It has been translated into more than 20 languages and sold over two million copies (as of 2010).[3][4][5]The book was first published in Britain byRoutledgein March 1944, duringWorld War II,and was quite popular, leading Hayek to call it "that unobtainable book", also due in part to wartime paper rationing.[6]It was published in the United States by theUniversity of Chicago Pressin September 1944 and achieved great popularity. At the arrangement of editorMax Eastman,the American magazineReader's Digestpublished an abridged version in April 1945, enablingThe Road to Serfdomto reach a wider non-academic audience.

The Road to Serfdomwas to be the popular edition of the second volume of Hayek's treatise entitled "The Abuse and Decline of Reason",[7]and the title was inspired by the writings of the 19th century French classical liberal thinkerAlexis de Tocquevilleon the "road to servitude".[8]Initially written as a response to thereportwritten byWilliam Beveridge,theLiberalpolitician and dean of theLondon School of Economicswhere Hayek worked at the time, the book made a significant impact on 20th-century political discourse, especially Americanconservativeandlibertarianeconomic and political debate.

Publication

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While a professor at theLondon School of Economicsin the early 1930s – in the era of theGreat Depression,the rise of autocracies inRussia,ItalyandGermany,andWorld War II– Hayek wrote a memo toWilliam Beveridge,then the director there, to dispute the then-popular claim thatfascismrepresented the dying gasp of a failedcapitalist system.The memo grew into a magazine article, and he intended to incorporate elements of the article into a book much larger thanThe Road to Serfdom.However, he ultimately decided to writeThe Road to Serfdomas its own book.

Friedrich Hayek

The book was originally published for a British audience byRoutledge Pressin March 1944 in the United Kingdom. The book was subsequently rejected by three publishers in the United States,[9]and it was only after economistAaron Directorspoke to friends at the University of Chicago that the book was published in the U.S by theUniversity of Chicago Presson September 18, 1944.[10][11]The American publisher's expectation was that the book would sell between 900 and 3,000 copies. However, the initial printing run of 2,000 copies was quickly sold out, and 30,000 copies were sold within six months. In 2007,the University of Chicago Press estimated that more than 350,000 copies had been sold.[12]

A 20-page version of the book was then published in the April 1945 issue ofReader's Digest,[13]with a press run of several million copies. A 95-page abridged version was also published in 1945 and 1946.[14]In February 1945, a picture-book version was published inLookmagazine,later made into apamphletand distributed byGeneral Motors.[15]The book has been translated into approximately 20 languages and is dedicated "To thesocialistsof allparties".The introduction to the 50th anniversary edition is written byMilton Friedman(another recipient of theNobel Prize in Economics1976).

In 2007, the University of Chicago Press issued a "Definitive Edition", Volume 2 in theCollected Works of F. A. Hayekseries. In June 2010, the book achieved new popularity by rising to the top of theAmazonbestseller list following extended coverage of the book onThe Glenn Beck Program.Since that date, it has sold another 250,000 copies in its print and digital editions.

Summary

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Hayek argues thatWestern democracies,including theUnited Kingdomand theUnited States,have "progressively abandoned that freedom in economic affairs without which personal and political freedom has never existed in the past".[16]Society has mistakenly tried to ensure continuing prosperity by centralized planning, which inevitably leads to totalitarianism. "We have in effect undertaken to dispense with the forces which produced unforeseen results and to replace the impersonal and anonymous mechanism of the market by collective and 'conscious' direction of all social forces to deliberately chosen goals."[17]Socialism, while presented as a means of assuring equality, does so through "restraint and servitude", while "democracy seeks equality in liberty".[18]Planning, because it is coercive, is an inferior method of regulation, while the competition of afree marketis superior "because it is the only method by which our activities can be adjusted to each other without the coercive or arbitrary intervention of authority".[19]

Centralized planningis inherently undemocratic in Hayek's view, because it requires "that the will of a small minority be imposed upon the people".[20]The power of these minorities to act by taking money or property in pursuit of centralized goals, destroys the Rule of Law and individual freedoms.[21]Where there is centralized planning, "the individual would more than ever become a mere means, to be used by the authority in the service of such abstractions as the 'social welfare' or the 'good of the community' ".[22]Even the very poor have more personal freedom in an open society than a centrally planned one.[23]"While the last resort of a competitive economy is thebailiff,the ultimate sanction of a planned economy is the hangman. "[24]Socialism is a hypocritical system because its professed humanitarian goals can only be put into practice by brutal methods "of which most socialists disapprove".[25]Such centralized systems also require effective propaganda, so that the people come to believe that the state's goals are theirs.[26]

Hayek argues that the roots of National Socialism lie in socialism,[27]and then draws parallels to the thought of British leaders:

The increasing veneration for the state, the admiration of power, and of bigness for bigness' sake, the enthusiasm for "organization" of everything (we now call it "planning" ) and that "inability to leave anything to the simple power of organic growth"... are all scarcely less marked in England now than they were in Germany.[28]

Hayek believed that after World War II, "wisdom in the management of our economic affairs will be even more important than before and that the fate of our civilization will ultimately depend on how we solve the economic problems we shall then face".[29]The only chance to build a decent world is "to improve the general level of wealth" via the activities offree markets.[30]He saw international organization as involving a further threat to individual freedom.[31]He concluded: "The guiding principle that a policy of freedom for the individual is the only truly progressive policy remains as true today as it was in the nineteenth century."[32]

Role of government

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Although Hayek believed that government intervention in markets would lead to a loss of freedom, he recognized a limited role for government to perform tasks for which he believed free markets were not capable:

The successful use of competition as the principle of social organization precludes certain types of coercive interference with economic life, but it admits of others which sometimes may very considerably assist its work and even requires certain kinds of government action.[33]

While Hayek is opposed to regulations that restrict the freedom to enter a trade, or to buy and sell at any price, or to control quantities, he acknowledges the utility of regulations that restrict legal methods of production, so long as these are applied equally to everyone and not used as an indirect way of controlling prices or quantities, and without forgetting the cost of such restrictions:

To prohibit the use of certain poisonous substances, or to require special precautions in their use, to limit working hours or to require certain sanitary arrangements, is fully compatible with the preservation of competition. The only question here is whether in the particular instance, the advantages gained are greater than thesocial coststhey impose.[34]

He notes that there are certain areas, such as the environment, where activities that cause damage to third parties (known to economists as "negativeexternalities") cannot effectively be regulated solely by the marketplace:

Nor can certain harmful effects of deforestation, of some methods of farming, or of the smoke and noise of factories, be confined to the owner of the property in question, or to those willing to submit to the damage for an agreed compensation.[35]

The government also has a role in preventing fraud:

Even the most essential prerequisite of its [the market's] proper functioning, the prevention of fraud and deception (including exploitation of ignorance), provides a great and by no means fully accomplished object of legislative activity.[36]

The government also has a role in creating a safety net:

There is no reason why, in a society which has reached the general level of wealth ours has, the first kind of security should not be guaranteed to all without endangering general freedom; that is: some minimum of food, shelter, and clothing, sufficient to preserve health. Nor is there any reason why the state should not help to organize a comprehensive system of social insurance in providing for those common hazards of life against which few can make adequate provision.[37][38]

He concludes: "In no system that could be rationally defended would the state just do nothing."[36]

Clarifications

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Since publication, Hayek has offered a number of clarifications on words that are frequently misinterpreted:

Reception

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Impact

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In 2007,the University of Chicago Press estimated that more than 350,000 copies ofThe Road to Serfdomhave been sold.[12]It appears onMartin Seymour-Smith's list of the100 Most Influential Books Ever Written,and it made number 1 on Human Events: Top Ten Books Every Republican Congressman Should Read in 2006.[41]It was influential enough to warrant mention during the1945 British general election,when according toHarold Macmillan,Winston Churchillwas "fortified in his apprehensions [of aLabourgovernment] by reading Professor Hayek'sThe Road to Serfdom"[42]when he warned in an election broadcast in 1945 that a socialist system would "have to fall back on some form ofGestapo".The Labour leaderClement Attleeresponded in his election broadcast by claiming that what Churchill had said was the "second-hand version of the academic views of an Austrian professor, Friedrich August von Hayek".[43]TheConservative Central Officesacrificed 1.5 tons of their precious paper ration allocated for the 1945 election so that more copies ofThe Road to Serfdomcould be printed, although to no avail, as Labour won a landslide victory.[44]

Political historianAlan Brinkleyhad this to say about the impact ofThe Road to Serfdom:[45]

The publication of two books... helped to galvanize the concerns that were beginning to emerge among intellectuals (and many others) about the implications oftotalitarianism.One wasJames Burnham'sThe Managerial Revolution... [A second] Friedrich A. Hayek'sThe Road to Serfdom... was far more controversial—and influential. Even more than Burnham, Hayek forced into public discourse the question of the compatibility of democracy andstatism... In responding to Burnham and Hayek... liberals [in the statist sense of this term as used by some in the United States] were in fact responding to a powerful strain of Jeffersonian anti-statism in American political culture... The result was a subtle but important shift in liberal [i.e. American statist] thinking.

Reviews

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The Road to Serfdomhas been the subject of much praise and much criticism. It was placed fourth on the list of the 100 best non-fiction books of the 20th century[46]compiled byNational Reviewmagazine, was ranked number 16 in reader selections of the hundred best non-fiction book of the twentieth century administered byModern Library,[47]and appears on a recommended reading list for thelibertarian righthosted on thePolitical Compasstest website.[48]

John Maynard Keynessaid of it: "In my opinion it is a grand book... Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement."[49]However, Keynes did not think Hayek's philosophy was ofpracticaluse; this was explained later in the same letter, commenting: "What we need therefore, in my opinion, is not a change in our economic programmes, which would only lead in practice to disillusion with the results of your philosophy; but perhaps even the contrary, namely, an enlargement of them. Your greatest danger ahead is the probable practical failure of the application of your philosophy in the United States."[50]

George Orwellresponded with both praise and criticism, stating, "in the negative part of Professor Hayek's thesis there is a great deal of truth. 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 dreamt of." Yet he also warned, "[A] return to 'free' competition means for the great mass of people a tyranny probably worse, because more irresponsible, than that of the state."[51][52]

Milton FriedmandescribedThe Road to Serfdomas "one of the great books of our time", and said of it:

I think the Adam Smith role was played in this cycle [i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world] by Friedrich Hayek'sThe Road to Serfdom.[45]

Herman Finer,aFabiansocialist, published a rebuttal in hisThe Road to Reactionin 1946. Hayek called Finer's book "a specimen of abuse and invective which is probably unique in contemporary academic discussion".[53]

In his review (collected inThe Present as History,1953)MarxistPaul Sweezyjoked that Hayek would have you believe that if there was an over-production of baby carriages, the central planners would then order the population to have more babies instead of simply warehousing the temporary excess of carriages and decreasing production for next year. Thecyberneticarguments ofStafford Beerin his 1973 CBC Massey Lectures,Designing Freedom[54]– that intelligent adaptive planning can increase freedom – are of interest in this regard, as is the technical work ofHerbert A. SimonandAlbert Andoon the dynamics of hierarchical nearly decomposable systems in economics – namely, that everything in such a system is not tightly coupled to everything else.[55]

Mises InstituteeconomistWalter Blockhas observed critically that whileThe Road to Serfdommakes a strong case against centrally planned economies, it appears only lukewarm in its support of afree marketsystem andlaissez-fairecapitalism,with Hayek even going so far as to say that "probably nothing has done so much harm to the liberal cause as the wooden insistence of some liberals on certain rules of thumb, above all the principle of laissez-faire capitalism". In the book, Hayek writes that the government has a role to play in the economy through the monetary system (a view that he later withdrew),[56]work-hours regulation, social welfare, and institutions for the flow of proper information. Through analysis of this and many other of Hayek's works, Block asserts that: "in making the case against socialism, Hayek was led into making all sort of compromises with what otherwise appeared to be his own philosophical perspective – so much so, that if a system was erected on the basis of them, it would not differ too sharply from what this author explicitly opposed".[57]

Criticism

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Jeffrey Sachsargues thatempirical evidencesuggestswelfare states,with high rates of taxation and social outlays, outperform the comparatively free-market economies.[58]William Easterlywrote a rebuttal criticizing Sachs for misrepresenting Hayek's work and for criticizing the book on issues it did not actually address, such as welfare programs for the elderly or sick, something Hayek did not oppose. Easterly noted thatThe Road to Serfdomwas about the dangers of centralized planning and nationalization of industry, including the media.[59]In Sachs' counter-rebuttal, he argued that he was addressing Hayek's foreword in the 1976 adaptation which stated that efforts to bring about large-scale welfare states would bring about serfdom, although much more slowly than under centralized planning. Sachs cited the Nordic states which remained economically free and relatively capitalist, despite a large welfare state that Hayek was wrong about such programs leading to serfdom.[60]

Gordon Tullockhas argued Hayek's analysis incorrectly predicted governments in much of Europe in the late 20th century would descend intototalitarianism.He usesSweden,in which the government at that time-controlled 63 percent ofGNP,as an example to support his argument that the basic problem withThe Road to Serfdomis "that it offered predictions which turned out to be false. The steady advance of government in places such as Sweden has not led to any loss of non-economic freedoms." While criticizing Hayek, Tullock still praises the classical liberal notion of economic freedom, saying, "Arguments for political freedom are strong, as are the arguments for economic freedom. We needn't make one set of arguments depend on the other."[61]However, according toRobert Skidelsky,Hayek "safeguarded himself from such retrospective refutation". Skidelsky argues that Hayek's argument was contingent, and that, "By the 1970s there was some evidence of the slippery slope... and then there wasThatcher.Hayek's warning played a critical part in her determination to 'roll back the state.' "[62]

Economic sociologistKarl Polanyimade a case diametrically opposed to Hayek, arguing that unfettered markets had undermined the social order and that economic breakdown had paved the way for the emergence of dictatorship.[63]

Barbara WoottonwroteFreedom under Planning[64]after reading an early copy ofThe Road to Serfdom,provided to her by Hayek. In the introduction to her book, Wootton mentionedThe Road to Serfdomand claimed that "Much of what I have written is devoted to criticism of the views put forward by Professor Hayek in this and other books."[65]The central argument made inFreedom under Planningis that "there is nothing in the conscious planning of economic priorities which is inherently incompatible with the freedoms which mean most to the contemporary Englishman or American.Civil libertiesare quite unaffected. We can, if we wish, deliberately plan so as to give the fullest possible scope for the pursuit by individuals and social groups of cultural ends which are in no way state-determined. "[66]Wootton criticizes Hayek for claiming that planningmustlead to oppression, when, in her view, that is merely onepossibilityamong many. She argues that "there seems hardly better case for taking for granted that planning will bring the worst to the top than for the opposite assumption that the seats of office will be filled with angels".[67]Thus, Wootton acknowledges the possibility that planning may exist alongside tyranny but claims that it is equally possible to combine planning with freedom. She concludes that "A happy and fruitful marriage between freedom and planning can, in short, be arranged."[68]However,Frank Knight,founder of theChicago school of economics,disputes the claim thatFreedom under PlanningcontradictsThe Road to Serfdom.He wrote in a scholarly review of the Wootton book: "Let me repeat that the Wootton book is in no logical sense an answer toThe Road to Serfdom,whatever may be thought of the cogency of Hayek's argument, or the soundness of his position. "[69]

Eric Zenceywrote that the free market economy Hayek advocated is designed for an infinite planet, and when it runs into physical limits (as any growing system must), the result is a need for centralized planning to mediate the problematic interface of economy and nature. "Planning is planning, whether it's done to minimizepovertyand injustice, as socialists were advocating then, or to preserve the minimum flow ofecosystem servicesthat civilization requires, as we are finding increasingly necessary today. "[70]

See also

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General concepts

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Books

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Notes

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  1. ^Ebeling, Richard M. (May 1999)."Friedrich A. Hayek: A Centenary Appreciation".The Freeman.49(5). Archived fromthe originalon 15 April 2013.
  2. ^"How Covid paved the Road to Serfdom".thecritic.co.uk.12 January 2021.
  3. ^The Road to Serfdom.The Collected Works of F. A. Hayek. University of Chicago Press. 1944.
  4. ^Paul Ormerod(16 December 2006)."The fading of Friedman".Prospect.Retrieved26 December2010.
  5. ^"Bestsellers in Books".Amazon.Retrieved10 December2010.On 9 June 2010, the book became the #1 book sold at Amazon, achievingbest sellerstatus.
  6. ^Ebenstein 2003:128
  7. ^Ebenstein 2003:107
  8. ^Friedrich Hayek: A Biography.University of Chicago Press. 2003. p. 116.ISBN9780226181509.
  9. ^Hayek & Caldwell 2007:1
  10. ^"Aaron Director, Founder of the field of Law and Economics".www-news.uchicago.edu.Retrieved4 September2019.
  11. ^"The Publication History of The Road to Serfdom by F. A. Hayek".press.uchicago.edu.Retrieved4 September2019.
  12. ^abHayek & Caldwell 2007:1
  13. ^OCLC76656715
  14. ^OCLC802584460,13355651
  15. ^von Hayek, Friedrich A. (9 July 2006).The Road to Serfdom, by F. A. Hayek – why the continual expansion of the state endangers liberty.CreateSpace Independent Publishing Platform.ISBN978-1500345600.
  16. ^Hayek 1994:16
  17. ^Hayek 1994:24
  18. ^Hayek 1994:29
  19. ^Hayek 1994:41
  20. ^Hayek 1994:77
  21. ^Hayek 1994:80–96
  22. ^Hayek 1994:106
  23. ^Hayek 1994:115
  24. ^Hayek 1994:139
  25. ^Hayek 1994:191
  26. ^Hayek 1994:168
  27. ^Hayek 1994:1183–198
  28. ^Hayek 1994:200
  29. ^Hayek 1994:128
  30. ^Hayek 1994:230
  31. ^Hayek 1994:240–260
  32. ^Hayek 1994:262
  33. ^Hayek 1994:42
  34. ^Hayek 1994:43
  35. ^Hayek 1994:44
  36. ^abHayek 1994:45
  37. ^"Hayek on Social Insurance".The Washington Post.Archived fromthe originalon 14 May 2011.
  38. ^Free to DieBy PAUL KRUGMAN, New York Times, 15 September 2011
  39. ^Hayek & Caldwell 2007:54–55 From the preface to the 1976 edition.
  40. ^Hayek & Caldwell 2007:45 From the foreword to the 1956 American paperback edition.
  41. ^"Top 10 Books Every Republican Congressman Should Read".Human Events.Townhall Media. 21 November 2006. Archived fromthe originalon 25 March 2016.Retrieved18 March2016.
  42. ^Harold Macmillan (1969).Tides of Fortune, 1945–1955.Harper & Row. p. 32.ISBN9780333040775.
  43. ^"Hayek, life and times".libertystory.net. Archived fromthe originalon 17 July 2012.Retrieved14 May2007.
  44. ^David Willetts;Richard Forsdyke (1999).After the Landslide: Learning the Lessons of 1906 and 1945(PDF)(PDF). Centre for Policy Studies. p. 59. Archived fromthe original(PDF)on 25 March 2016.Retrieved18 March2016.
  45. ^ab"Quotes on Hayek".hayekcenter.org.
  46. ^"NR's List of the 100 Best Non-Fiction Books of the Century".National Review.townhall. Archived fromthe originalon 17 March 2011.
  47. ^"100 list of the 100 best non-fiction books by Modern Library".Random House. Archived fromthe originalon 6 March 2012.Retrieved23 June2012.
  48. ^Compass, The Political."The Political Compass".politicalcompass.org.Retrieved30 June2016.
  49. ^Thomas W. Hazlett (2002)."The Road from Serfdom – Forseeing the Fall F.A. Hayek interviewed by Thomas W. Hazlett".Reason magazine.No. July 1992. Archived fromthe originalon 3 February 2005.Retrieved23 June2012.
  50. ^Kenneth R. Hoover (2003).Economics as Ideology.Rowman and Littlefield Publishers. p. 152.ISBN0-7425-3113-9.
  51. ^Orwell, George (1968).The Collected Essays, Journalism, and Letters of George Orwell: As I please, 1943-1945.Harcourt, Brace & World.ISBN978-0-15-118548-1.
  52. ^Richman, Sheldon (21 December 2011)."The Connection Between George Orwell and Friedrich Hayek".Reason.Retrieved17 July2023.
  53. ^George H. Nash (3 April 2004)."Hayek and the American Conservative Movement"(PDF).Indianapolis. Archived fromthe original(PDF)on 3 October 2006.
  54. ^"The 1973 CBC Massey Lectures," Designing Freedom "".cbc.ca.
  55. ^See (full references onHerbert A. Simonentry) Simon's papers in his collectedModels of Bounded Rationality,a qualitative discussion in hisSciences of the Artificial,and a full presentation of the mathematical theory by P.J. Courtois in hisDecomposability: queueing and computer system applications(Academic Press, 1977). The papers in the section "The Structure of Causal Systems" of Vol. 3 ofModels of Bounded Rationality(MIT Press, 1997) provide a summary and review of Simon's work in this area.
  56. ^Friedrich August von Hayek (1990).The Denationalization of Money – The Argument Refined – An Analysis of the Theory and Practice of Concurrent Currencies(PDF).The Institute Of Economic Affairs.ISBN9781610165204.
  57. ^Block, Walter(1996)."Hayek's Road to Serfdom"(PDF).Journal of Libertarian Studies.12(2).Center for Libertarian Studies:339–365.Retrieved17 February2010.
  58. ^Jeffrey Sachs(October 2006)."The Social Welfare State, beyond Ideology".Scientific American.
  59. ^William Easterly(15 November 2006)."Dismal Science".The Wall Street Journal.
  60. ^Greg Mankiw (27 November 2006)."Why Hayek Was Wrong: Sachs Responds to Easterly".Greg Mankiw's Blog – Random Observations for Students of Economics.
  61. ^Walker, Michael A., ed. (5–8 October 1986)."Freedom, Democracy, and Economic Welfare".Freedom Democracy and Economic Welfare.Proc. of an International Symposium on Economic, Political, and Civil Freedom.Napa Valley:The Fraser Institute.p. 61. Archived fromthe originalon 10 March 2012.Retrieved12 April2010.
  62. ^Skidelsky, Robert(2006). Feser, Edward (ed.).The Cambridge Companion to Hayek.Cambridge University Press. pp. 82–110.ISBN9781139827584.
  63. ^Karl Polanyi; Joseph E. Stiglitz (1944).The Great Transformation: The Political and Economic Origins of Our Time.Fred L. Block. Beacon Press.ISBN9780807056431.
  64. ^Chester I. Barnard (January 1946). "Freedom under planning".Southern Economic Journal.12(3). Southern Economic Association: 290–300.doi:10.2307/1052278.JSTOR1052278.
  65. ^Wootton 1945,pp. 5.
  66. ^Wootton 1945,pp. 158.
  67. ^Wootton 1945,pp. 163.
  68. ^Wootton 1945,pp. 159.
  69. ^Knight, Frank(1946). "Freedom Under Planning".Journal of Political Economy.54(5): 451–454.doi:10.1086/256402.S2CID153966131.
  70. ^"The Other Road to Serfdom"(PDF).The Daily Kos.20 April 2010. Archived fromthe originalon 3 October 2006.

References

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Further reading

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