Largely inspired by the upcoming election, I decided to read The Road to Serfdom by F.A. Hayek (1944). Writing at the end of World War II, Hayek is making the case for individual liberty as the West confronts how it will rebuild and tries to avoid episodes like Hitler and Mussolini (and Stalin) again. As with most libertarians (and those who believe in the tenets of Austrian economics), the role of the state should be minimal so as to allow market forces to work their wonders. Having said all of that, there are so many ideas in this book that feel like they could have been written and are germane today.
“…they advocate planning no longer because of its superior productivity but because it will enable us to secure a more just and equitable distribution of wealth.” While only paying lip service in the end, that quote could capture what has been the driving mantra of the Obama administration in its public proclamations. Don’t worry about outcomes, as long as everyone gets a trophy.
“…it must be the freedom of our economic activity which, with the right of choice, inevitably also carries the risk and the responsibility of that right.” This truth is at the heart of why so many frown upon the bailouts and QE globally.
“…he will be able to obtain the support of all the docile and gullible, who have no strong convictions of their own but are prepared to accept a ready-made system of values if it is only drummed into their ears sufficiently loudly and frequently.” In the context of a captive media that spits out the ideals of a preferred candidate, the uneducated masses become useful idiots and buy into the propaganda that the establishment pushes out to maintain its hold on power.
“Though we may sometimes be forced to choose between different evils, they remain evils.” Sounds like the choice in this country right now.
“…the press…will be used…to spread those views which , whether true or false, will strengthen the belief in the rightness of the decisions taken by the authority; and all information that might cause doubt or hesitation will be withheld.” It’s why the focus is on one candidate’s indiscretions versus the other’s.
“…the impetus of the movement towards totalitarianism comes mainly from two great vested interests: organized capital and organized labor.” The next President is probably the one who is a friend to Wall Street and all the other monied interest groups.
“…the single-minded idealist is likely to do the greatest harm.” Best of intentions don’t always turn out so well. Cue Obamacare.
