Liberalism

The Nobel Prize-winning economist Friedrich Hayek is recognized as one of the most important advocates of liberty in the 20th century. The work that earned him this distinction was The Road to Serfdom, published in 1944 and dedicated “To the socialists of all parties.” The central thesis of the book is the incompatibility of central economic planning and a society of free individuals. This article reviews the origins and some of the key arguments of this seminal work in economic thought.