F. A. Hayek's "The Road to Serfdom"

Paper Summary:

This paper explains that, during the 1930s and 40s, Austrian Professor F.A. Hayek had earned the reputation of being the second most famous economist in the world; however, he was preceded by his intellectual sparring partner economist England's Lord John Maynard Keynes. The author points out that the difference between the two professors was striking as Hayek was a proponent of classical economics and Keynes was famous as the founder of "macroeconomics". The paper relates that Hayek's strong belief that individual freedom was an essential ingredient for a prosperous society was revisited by Margaret Thatcher, the Prime Minister of England during the 80s and her privatization program and by President Ronald Reagan's espoused libertarian conviction.

From the Paper:

"As history has recorded, German's National Socialistic Party "begot" Adolph Hitler. Surprisingly enough, Hayek says Hitler did not destroy democracy in Germany. Hitler merely took advantage of economic chaos and obtained the support of many that actually despised him. Yet "he seemed the only man strong enough to get things done." (Hayek, 76) The author adds that the National Socialists (Nazis) of Germany was inhibited "by their democratic ideals; they did not possess the ruthlessness required for the performance of their task." (Hayek, 76) After the war, Britain's legislative leaders adopted macroeconomics. The country was tired of capitalism."

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• Analytical Essay # 59226 : "The Road to Wigan Pier"

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