Which 1944 work of Friedrich Hayek is among the most influential expositions of classical liberalism and is stated as the single book that significantly shaped the political ideologies of Margaret Thatcher and Ronald Reagan?
"The Road to Serfdom The Road to Serfdom (German: ""Der Weg zur Knechtschaft"") is a book written between 1940 and 1943 by Austrian British economist and philosopher Friedrich Hayek, in which the author ""[warns] of the danger of tyranny that inevitably results from government control of economic decision-making through central planning."" He further argues that the abandonment of individualism and classical liberalism inevitably leads to a loss of freedom, the creation of an oppressive society, the tyranny of a dictator, and the serfdom of the individual. Hayek challenged the general view among British academics that fascism (including National Socialism) was"
"redirect parliament's economic strategies. Likewise, David Stockman, Ronald Reagan's most influential financial official in 1981, was an acknowledged follower of Hayek. Hayek wrote an essay, ""Why I Am Not a Conservative"" (included as an appendix to ""The Constitution of Liberty""), in which he disparaged conservatism for its inability to adapt to changing human realities or to offer a positive political program, remarking: ""Conservatism is only as good as what it conserves"". Although he noted that modern day conservatism shares many opinions on economics with classical liberals, particularly a belief in the free market, he believed it is because conservatism wants"
"Postscript: Why I am Not a Conservative The Constitution of Liberty The Constitution of Liberty is a book by Austrian economist and Nobel Prize recipient Friedrich A. Hayek. The book was first published in 1960 by the University of Chicago Press and it is an interpretation of civilization as being made possible by the fundamental principles of liberty, which the author presents as prerequisites for wealth and growth, rather than the other way around. ""The Constitution of Liberty"" has notably been held up at a British Conservative Party policy meeting and banged on the table by Margaret Thatcher, who reportedly"
"never had much impact on Roosevelt who drew on populism, with its hostility to bankers and its willingness to inflate the currency; Theodore Roosevelt's New Nationalism in its dislike of competition and deemphasis on antitrust laws; and the ideas of social workers from the Progressive Era. Supreme Court Justice Louis Brandeis influenced Roosevelt on financial reforms. The War Labor Board from World War I influenced Roosevelt's labor policy. Other scholars had varying views on the relationship between the New Deal and fascist economics: In 1944, Friedrich Hayek wrote ""The Road to Serfdom"". Hayek focused mostly on Britain, but he also"
"The Constitution of Liberty The Constitution of Liberty is a book by Austrian economist and Nobel Prize recipient Friedrich A. Hayek. The book was first published in 1960 by the University of Chicago Press and it is an interpretation of civilization as being made possible by the fundamental principles of liberty, which the author presents as prerequisites for wealth and growth, rather than the other way around. ""The Constitution of Liberty"" has notably been held up at a British Conservative Party policy meeting and banged on the table by Margaret Thatcher, who reportedly interrupted a presentation to indicate, in reference"
"single most important thing to learn from an economics course today? What I tried to leave my students with is the view that the invisible hand is more powerful than the [un]hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That's the consensus among economists. That's the Hayek legacy"". By 1947, Hayek was an organiser of the Mont Pelerin Society, a group of classical liberals who sought to oppose socialism. Hayek was also instrumental in the founding of the Institute of Economic Affairs, the right-wing libertarian and free-market think tank that inspired Thatcherism. He was in addition"
"culture"". Trade unions often caused high wages and industrial disruption, while full employment was regarded as unsustainable. Writers such as Milton Friedman and Samuel Brittan, who were influenced by Friedrich Hayek, advocated a reversal of social liberalism. Their policies, which are often called neoliberalism, had a significant influence on Western politics, most notably on the governments of United Kingdom Prime Minister Margaret Thatcher and United States President Ronald Reagan, who pursued policies of deregulation of the economy and reduction in spending on social services. Part of the reason for the collapse of the social liberal coalition was a challenge in"
"are nothing less than the future of liberty, which means the future of civilization. ""Economics in One Lesson"" (1946) has been called Hazlitt's ""most enduring contribution,"" with a million copies sold and available in ten languages, it is considered an ""enduring classic"" in conservative, free market and libertarian circles. Ayn Rand called it a ""magnificent job of theoretical exposition,"" while Congressman Ron Paul ranks it with the works of Frédéric Bastiat and F. A. Hayek. Hayek himself praised the work, as did fellow Nobel Prize laureate Milton Friedman, who said that Hazlitt's description of the price system, for example, was"
"said: ""I am becoming a Burkean Whig"". However, Whiggery as a political doctrine had little affinity for classical political economy, the tabernacle of the Manchester School and William Gladstone. His essay has served as an inspiration to other liberal-minded economists wishing to distinguish themselves from conservative thinkers, for example James M. Buchanan's essay ""Why I, Too, Am Not a Conservative: The Normative Vision of Classical Liberalism"". His opponents have attacked Hayek as a leading promoter of neoliberalism. A British journalist, Samuel Brittan, concluded in 2010 that ""Hayek's book [""The Constitution of Liberty""] is still probably the most comprehensive statement of"
"of the ideas and influence of the free market economist, Friedrich Hayek, whose ideas have influenced not only modern neo-liberal thinkers but to one extent or another have been put into practice around the world over the past 30 years. This resulted to the publication of ""Market Versus Nature: The Social Philosophy of Friedrich Hayek"" (2008), in which the operation of unfettered free markets is analysed and the problem of market failures addressed, especially as it relates to the destruction of the environment and global warming. Aarons continues to think deeply and write about modern politics and ideas. In 2008"
"Thatcher herself claimed philosophical inspiration from the works of Burke and Friedrich Hayek for her defence of liberal economics. Groups associated with this tradition include the No Turning Back Group and Conservative Way Forward, whilst Enoch Powell and Sir Keith Joseph are usually cited as early influences in the movement. Some free-market supporters and Christian democrats within the party tend to advocate the social market economy, which supports free markets alongside social and environmental responsibility, as well a welfare state. Sir Keith Joseph was the first to introduce the model idea into British politics, writing the publication: ""Why Britain needs"
"The 2006 book ""Green to Gold"", written by environmental scholars Daniel C. Esty and Andrew S. Winston, provided ideas on how companies can apply the principles of green libertarianism. The work of Austrian School economist Friedrich Hayek is especially important to understanding the organic view of society and how most human institutions, including law and the economy, are ""the result of human action but not of human design"". In his last major work, ""Law, Legislation and Liberty"", Hayek differentiates between endogenous orders or self-organizing systems and exogenous orders imposed from without. Hayek argues that free and sustainable societies and economies"
"Hayek arguing in ""The Road to Serfdom"" (1944) that reliance on free markets would preclude totalitarian control by the state. The development into maturity of classical liberalism took place before and after the French Revolution in Britain and was based on the following core concepts: classical economics, free trade, ""laissez-faire"" government with minimal intervention and taxation and a balanced budget. Classical liberals were committed to individualism, liberty and equal rights. Writers such as John Bright and Richard Cobden opposed both aristocratic privilege and property, which they saw as an impediment to the development of a class of yeoman farmers. Beginning"
"and the theory of spontaneous order. The ""informal"" economics presented in Milton Friedman's massively influential popular work ""Free to Choose"" (1980) is explicitly Hayekian in its account of the price system as a system for transmitting and co-ordinating knowledge. This can be explained by the fact that Friedman taught Hayek's famous paper ""The Use of Knowledge in Society"" (1945) in his graduate seminars. In 1944, he was elected as a Fellow of the British Academy after he was nominated for membership by Keynes. Harvard economist and former Harvard University President Lawrence Summers explains Hayek's place in modern economics: ""What's the"
"Friedrich Hayek Friedrich August von Hayek (; ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his ""pioneering work in the theory of money and economic fluctuations and [...] penetrating analysis of the interdependence of economic, social and institutional phenomena"". Hayek was also a major social theorist and political philosopher of the 20th century and his account of how changing prices communicate information that"
"Burke's iconic political value to conservatives and classical liberals. For example, an important classical economic liberal, Friedrich Hayek, acknowledged an intellectual debt to Burke. The late Christopher Hitchens writes that the ""tremendous power of the ""Reflections"" lies"" in being ""the first serious argument that revolutions devour their own children and turn into their own opposites."" Historians however have regarded Burke's arguments as inconsistent with the actual history of the events. Alfred Cobban, despite being the most respected conservative historian of the events, acknowledged that Burke's pamphlet, in so far as it ""deals with the causes of the Revolution…they are not"
"raised to that level by the intervention and influence of the government."" The article also states that Keynes was one of the three most important economists ever, and that his ""General Theory"" was more influential than the ""magna opera"" of his rivals – Adam Smith's ""The Wealth of Nations"" and Karl Marx's ""Das Kapital"". A swelling tide of criticism of Keynesian economics, most notably from Milton Friedman, a leading figure of monetarism, and the Austrian School's Friedrich Hayek, was unleashed by the stagflation of the 1970s. A series of events that contributed to this economic situation included Richard Nixon's imposition"
"a ""necessary condition"" for freedom. Freedom is the means but the ""values into which we are born supplies the ends which our reason must serve"". This fusion was believed essential not only to social life but to thought, science and to reason itself. Without that dualism, there would have been no historical freedom. It was not a coincidence that Hayek was the one who first led Meyer to arrive at his mature philosophy. As Ronald Reagan assumed the pinnacle of power of the presidency in 1981, in his first speech to an audience of his conservative allies in Washington, he"
"Law, Legislation and Liberty Law, Legislation and Liberty is the 1973 work in three volumes by Nobel laureate economist and political philosopher Friedrich Hayek. In it, Hayek further develops the philosophical principles he discussed earlier in ""The Road to Serfdom"", ""The Constitution of Liberty"", and other writings. ""Law, Legislation and Liberty"" is more abstract than Hayek's earlier work, and it focuses on the conflicting views of society as either a design, a made order (""taxis""), on the one hand, or an emergent system, a grown order (""cosmos""), on the other. These ideas are then connected to two different forms of"
"of GEAR (Growth Employment and Redistribution Strategy) policies have caused a decline in employment that started after the new government in 1994, which caused an increase in South Africa's poverty level. Coming to power in 1979, Margaret Thatcher's political and economic philosophy emphasised reduced state intervention, freer markets, and more entrepreneurialism. She once slammed a copy of Friedrich Hayek's ""The Constitution of Liberty"" down on a table during a Shadow Cabinet meeting, saying, ""This is what we believe."" Thinkers closely associated with Thatcherism include Keith Joseph, Friedrich Hayek and Milton Friedman. Thatcher's political and economic philosophy emphasised reduced state intervention"
"conservative and libertarian economic and political discourse, and is often cited today by commentators. Hayek initially wrote a memo to the director of the London School of Economics, William Beveridge in early 1930s to dispute then-popular claim that fascism represented the dying gasp of a failed capitalist system. Then, the memo grew into a magazine article. During World War II, despite his intention to incorporate parts of that article into a much larger book, Hayek decided to bring it out separately after which he sent the manuscript to three American publishing houses, all of which rejected it. The book was"
"Hayek made contact with many at the University of Chicago in the 1940s, with Hayek's ""The Road to Serfdom"" playing a seminal role in transforming how Milton Friedman and others understood how society works. Hayek conducted a number of influential faculty seminars while at the U. of Chicago, and a number of academics worked on research projects sympathetic to some of Hayek's own, such as Aaron Director, who was active in the Chicago School in helping to fund and establish what became the ""Law and Society"" program in the University of Chicago Law School. Hayek, Frank Knight, Friedman and George"
"of six books: ""Psycho-Analysis as History: Negation and Freedom in Freud"" (Cornell University Press, 1987, 1995); ""Knowing and History: Appropriations of Hegel in Twentieth Century France"" (Cornell University Press, 1988); ""The Ironist’s Cage: Trauma, Memory and the Construction of History"" (Columbia University Press, 1995); and ""Irresistible Decay: Ruins Reclaimed"", with Clare Lyons and Charles Merewether (Getty Research Institute, 1997),""Memory, Trauma, and History: Essays on Living With the Past"" was published in the fall of 2011 by Columbia University Press. His most current book is ""Beyond The University-Why Liberal Education Matters"" (Yale University Press 2014)"" Roth co-edited ""Looking for Los Angeles:"
"if ""National Review"" is superfluous, it is so for very different reasons: It stands athwart history, yelling Stop, at a time when no other is inclined to do so, or to have much patience with those who so urge it. Austrian economist F. A. Hayek (1899–1992) in 1944 galvanized opponents of the New Deal by arguing that the left in Britain was leading that nation down the ""road to serfdom"". More influential was the Chicago school of economics, led by Milton Friedman (1912–2006) and George J. Stigler (1911–1991), who advocated neoclassical and monetarist public policy. The Chicago School provided a"
"alternatives to current policies and organizations. For instance, L. White favors free banking in the spirit of Hayek's ""Denationalization of Money"". Hayek's ideas find their way into the discussion of the post-Great Recession issues of secular stagnation. Monetary policy and mounting regulation are argued to have undermined the innovative forces of the market economies. Quantitative easing following the financial crises is argued to have not only conserved structural distortions in the economy, leading to a fall in trend-growth. It also created new distortions and contributes to distributional conflicts. In August 1926, Hayek married Helen Berta Maria von Fritsch (1901–1960), a"
"took out a book. It was Hayek's ""The Constitution of Liberty"". Interrupting our pragmatist, she held the book up for all of us to see. 'This', she said sternly, 'is what we believe', and banged Hayek down on the table"". In 1977, Hayek was critical of the Lib–Lab pact in which the British Liberal Party agreed to keep the British Labour government in office. Writing to ""The Times"", Hayek said: ""May one who has devoted a large part of his life to the study of the history and the principles of liberalism point out that a party that keeps a"
"Studies. For example, in the 1945 general election the Conservative Party chairman Ralph Assheton had wanted 12,000 abridged copies of ""The Road to Serfdom"" (a book by the anti-socialist economist Friedrich Hayek later closely associated with Thatcherism), taking up one-and-a-half tons of the party's paper ration, distributed as election propaganda. The historian Dr. Christopher Cooper has also traced the formation of the monetarist economics at the heart of Thatcherism back to the resignation of Conservative Chancellor of the Exchequer Peter Thorneycroft in 1958. As early as 1950, Thatcher accepted the consensus of the day about the welfare state, claiming the"
"by Margaret Thatcher. Oakeshott's early work, some of which has been published posthumously as ""What is History? And Other Essays"" (2004) and ""The Concept of a Philosophical Jurisprudence"" (2007), shows that he was more interested in the philosophical problems that derived from his historical studies than he was in the history, even though he was employed as a historian. Oakeshott published his first book, ""Experience and its Modes"", in 1933. He noted that the book owed much to Georg Wilhelm Friedrich Hegel and F. H. Bradley; commentators also noticed resemblances between this work and the ideas of thinkers such as"
"in place under the years of the New Deal Coalition. This culminated in the election of Reagan in 1980 and many of the statutes and organizations created by the New Deal were dismantled. London was the center of the so-called First Era of Globalization due to the power and resources of the British Empire. However, World War I severely weakened Britain, causing massive unemployment. While the United Kingdom successfully held out during World War II and emerged victorious, the war effectively caused the dismantling of its empire. Winston Churchill was influenced by the work of Hayek and opposed heavy government"
"Political Freedom"" (1995), ""Viable Values"" (2000), and ""Ayn Rand's Normative Ethics"" (2006). In collaboration with Peikoff, David Harriman has developed a theory of scientific induction based upon Rand's theory of concepts in ""The Logical Leap: Induction in Physics"" (2010). The political aspects of Rand's philosophy are discussed by Bernstein in ""The Capitalist Manifesto"" (2005). In ""Capitalism: A Treatise on Economics"" (1996), George Reisman attempts to integrate Objectivist methodology and insights with both Classical and Austrian economics. In psychology, Professor Edwin A. Locke and Ellen Kenner have explored Rand's ideas in ""The Selfish Path to Romance: How to Love with Passion"
"which social liberalism and Keynesianism were the dominant ideologies in the Western world. It was led by economists such as Friedrich Hayek and Milton Friedman, who advocated the reduction of the state and a return to classical liberalism (neo-classical liberalism). However, it did accept some aspects of social liberalism, such as some degree of welfare provision by the state, but on a greatly reduced scale. Hayek and Friedman used the term classical liberalism to refer to their ideas, but others use the term to refer to all liberalism before the twentieth century, not to designate any particular set of political"
"he had taught, namely the London School of Economics, the University of Chicago and the University of Freiburg. A number of tributes have resulted, many established posthumously: Friedrich Hayek Friedrich August von Hayek (; ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his ""pioneering work in the theory of money and economic fluctuations and [...] penetrating analysis of the interdependence of economic, social"
"form, neo-classical liberalism advocated Social Darwinism. Right-libertarianism is a modern form of neo-classical liberalism. Friedrich Hayek identified two different traditions within classical liberalism: the ""British tradition"" and the ""French tradition"". Hayek saw the British philosophers Bernard Mandeville, David Hume, Adam Smith, Adam Ferguson, Josiah Tucker and William Paley as representative of a tradition that articulated beliefs in empiricism, the common law and in traditions and institutions which had spontaneously evolved but were imperfectly understood. The French tradition included Jean-Jacques Rousseau, Marquis de Condorcet, the Encyclopedists and the Physiocrats. This tradition believed in rationalism and sometimes showed hostility to tradition and"