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This is a 10 page paper of a chapter by chapter summary of Friedrich August von Hayek’s “The Road to Serfdom” (1944). Friedrich August von Hayek (1899-1992) wrote “The Road to Serfdom” in 1944 and has since been cited as one of the major economic and capitalism sources in regards to the free market. Hayek’s basic argument is that “central planning is by its very nature inefficient: only a free market allows for the exchange of information that can provide efficiency”. While many critics do not argue with Hayek’s views on the free market, his book gained a certain amount of controversy when it was released in 1944 during the Nazi era because he basically made the argument that eventually any centralized government will eventually lead to totalitarianism hence the title of the book, “The Road to Serfdom”. Introduction based on material by Judd (2003).
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Page Count:
10 pages (~225 words per page)
File: D0_TJHayek1.rtf
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the major economic and capitalism sources in regards to the free market. Hayeks basic argument is that "central planning is by its very nature inefficient: only a free market allows
for the exchange of information that can provide efficiency" (Judd, 2003). While many critics do not argue with Hayeks views on the free market, his book gained a certain amount
of controversy when it was released in 1944 during the Nazi era because he basically made the argument that eventually any centralized government will eventually lead to totalitarianism hence the
title of the book, "The Road to Serfdom" (Judd, 2003). Hayeks "The Road to Serfdom" is laid out in sixteen chapters after the Foreword by John Chamberlain, a Preface
and Introduction and ending with his Conclusions in Chapter 16. Chapters 1 through 15 are entitled: The Abandoned Road; The Great Utopia; Individualism and Collectivism; The "Inevitability" of Planning; Planning
and Democracy; Planning and the Rule of Law; Economic Control and Totalitarianism; Who, Whom?; Security and Freedom; Why the Worse Get on Top; The End of Truth; The Socialist Roots
of Nazism; The Totalitarians in Our Midst; Material Conditions and Ideal Ends; and, The Prospects of International Order (Hayek, 1944). Hayek begins his book in the Preface by clarifying for
all readers that this is indeed "a political book" and that he did not wish to disguise it "by the more elegant and ambitious name of an essay in social
philosophy" (Hayek, 1944, p. ix). Hayek further apologizes that he realizes the book will offend several acquaintances of his but he considers the writing of the book as "a duty
which I must not evade, this was mainly due to a peculiar and serious feature of the discussions of the problems of future economic policy at the present time, of
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