Hayek gives the main arguments for the free-market case and presents his manifesto on the "errors of socialism." Hayek argues that socialism has, from its origins, been mistaken on factual, and even on logical, grounds and that its repeated failures in the many different practical applications of socialist ideas that this century has witnessed ...
Hayek gives the main arguments for the free-market case and presents his manifesto on the "errors of socialism." Hayek argues that socialism has, from its origins, been mistaken on factual, and even on logical, grounds and that its repeated failures in the many different practical applications of socialist ideas that this century has witnessed were the direct outcome of these errors. He labels as the "fatal conceit" the idea that "man is able to shape the world around him according to his wishes." "The achievement of "The Fatal Conceit" is that it freshly shows why socialism must be refuted rather than merely dismissed then refutes it again." David R. Henderson, "Fortune." "Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive." Edward H. Crane, "Wall Street Journal" F. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions.""
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Friedrich A Von Hayek, one of the two best-known Austrian economists on record, has written a masterpiece that all Americans should be required to read. Hayek addresses the age-old problems that socialism breeds and promulgates. According to Hayek the true costs of government socialistic programs are carefully hidden. Because these hidden costs can be increased and added to without citizen resistence, eventually the economic infrastructure of the socialistic countries will collapse. Additionally, Hayek writes that the collectivist mentality of allowing government powers to include increasing economic control will lead to the merger of state and corporate power-thus fascism.
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