American style, lightly regulated democratic-capitalism so dominated the late 20th century that it’s easy to forget it was not destined to be. The form’s critics (and fans) can benefit from unwinding the tape.
Austrian-British economist Friedrich Hayek (1899-1992) was among the chief architects of an ideology that resulted in that system, which gave us unprecedented growth and predictable inequality. With John Maynard Keynes (1883-1946), Hayek outlined much of today’s economic thought, in part by inspiring economist Milton Friedman who influenced the so-called Reagan Revolution. That’s not to say the system is necessarily the best option, but it is worth remembering Hayek viewed himself in opposition to fascists.
Whatever your stance on it, Hayek’s book Road to Serfdom, published in 1944, is an influential of classic liberalism and modern American and western light-touch capitalism. That’s why he still catches the ire of those defending greater state intervention. Since it is so often referenced, I finally read the thing myself.
I share my notes for future reference below.
Continue reading Road to Serfdom