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The Road Away From Serfdom

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06/02/2004

Arnold Beichman writes in honor of the 60th anniversary of Hayek's classic in the Washington Times: The Austrian-born Hayek who died in 1992, explained what he called "the extended order of human cooperation, an order more commonly, if somewhat misleadingly, known as capitalism." In his later book, "The Fatal Conceit: The Errors of Socialism," he elaborated on his thesis, namely socialism could never work, no matter how it came to pass, whether by revolution and dictatorship, as in the onetime Soviet Union, or by the ballot box, as in postwar Great Britain. Socialism to Hayek, a Nobel Laureate, had become a code word for the "economics of scarcity."

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