Friedrich von Hayek: Free Market Advocate

 

Friedrich A. Hayek (1899–1992) was an important economist and political philosopher of the twentieth century. He is widely regarded as the principal intellectual force behind the triumph of global capitalism, an 'anti-Marx' who elucidated the theoretical foundations of the free market economy. His account of the role played by market prices in transmitting economic knowledge constituted a devastating critique of the socialist ideal of central economic planning, and his famous book The Road to Serfdom was a prophetic statement of the dangers which socialism posed to a free and open society. 

Hayek noted that complex social systems arise organically from the interactions of individuals rather than through design. He drew inspiration from Adam Smith's "invisible hand" idea that markets coordinate actions without a central plan. Anthropologists also have noted this principal when studying complex social structures.

Hayek's book The Road to Serfdom, published in 1944, warned against the dangers of collectivism and argued that centralized economic control could lead to totalitarianism.

Hayek also made significant contributions to fields as diverse as the philosophy of law, the theory of complex systems, and cognitive science. 

The essays in this volume, by an international team of contributors, provide a critical introduction to all aspects of Hayek's thought.

Related reading: Commanding Heights: Friedrich von Hayek