Hayek's The Road to Serfdom

Melvyn Bragg and guests discuss the Austrian-British economist Friedrich Hayek's The Road to Serfdom (1944) in which Hayek (1899-1992) warned that the way Britain was running its wartime economy would not work in peacetime and could lead to tyranny. His target was centralised planning, arguing this disempowered individuals and wasted their knowledge, while empowering those ill-suited to run an economy. He was concerned about the support for the perceived success of Soviet centralisation, when he saw this and Fascist systems as two sides of the same coin. When Reader's Digest selectively condensed Hayek’s book in 1945, and presented it not so much as a warning against tyranny as a proof against socialism, it became phenomenally influential around the world. With Bruce Caldwell Research Professor of Economics at Duke University and Director of the Center for the History of Political EconomyMelissa Lane The Class of 1943 Professor of Politics at Princeton University and the 50th Professor of Rhetoric at Gresham College in LondonAndBen Jackson Professor of Modern History and fellow of University College at the University of OxfordProducer: Simon TillotsonReading list:Angus Burgin, The Great Persuasion: Reinventing Free Markets Since the Depression (Harvard University Press, 2012)Bruce Caldwell, Hayek’s Challenge: An Intellectual Biography of F.A. Hayek (University of Chicago Press, 2004)Bruce Caldwell, ‘The Road to Serfdom After 75 Years’ (Journal of Economic Literature 58, 2020)Bruce Caldwell and Hansjoerg Klausinger, Hayek: A Life 1899-1950 (University of Chicago Press, 2022)M. Desai, Marx’s Revenge: The Resurgence of Capitalism and the Death of Statist Socialism (Verso, 2002)Edward Feser (ed.), The Cambridge Companion to Hayek (Cambridge University Press, 2006)Andrew Gamble, Hayek: The Iron Cage of Liberty (Polity, 1996)Friedrich Hayek, Collectivist Economic Planning (first published 1935; Ludwig von Mises Institute, 2015), especially ‘The Nature and History of the Problem’ and ‘The Present State of the Debate’ by Friedrich HayekFriedrich Hayek (ed. Bruce Caldwell), The Road to Serfdom: Text and Documents: The Definitive Edition (first published 1944; Routledge, 2008. Also vol. 2 of The Collected Works of F. A. Hayek, University of Chicago Press, 2007)Friedrich Hayek, The Road to Serfdom: Condensed Version (Institute of Economic Affairs, 2005; The Reader’s Digest condensation of the book)Friedrich Hayek, ‘The Use of Knowledge in Society’ (American Economic Review, vol. 35, 1945; vol. 15 of The Collected Works of F. A. Hayek, University of Chicago Press) Friedrich Hayek, Individualism and Economic Order (first published 1948; University of Chicago Press, 1996), especially the essays ‘Economics and Knowledge’ (1937), ‘Individualism: True and False’ (1945), and ‘The Use of Knowledge in Society’ (1945)Friedrich Hayek, The Constitution of Liberty (first published 1960; Routledge, 2006) Friedrich Hayek, Law. Legislation and Liberty: A new statement of the liberal principles of justice and political economy (first published 1973 in 3 volumes; single vol. edn, Routledge, 2012)Ben Jackson, ‘Freedom, the Common Good and the Rule of Law: Hayek and Lippmann on Economic Planning’ (Journal of the History of Ideas 73, 2012)Robert Leeson (ed.), Hayek: A Collaborative Biography Part I (Palgrave, 2013), especially ‘The Genesis and Reception of The Road to Serfdom’ by Melissa LaneIn Our Time is a BBC Studios Audio Production

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Spanning history, religion, culture, science and philosophy, In Our Time from BBC Radio 4 is essential listening for the intellectually curious. In each episode, host Melvyn Bragg and expert guests explore the characters, events and discoveries that have shaped our world. History fans can learn about pivotal wars and societal upheavals, such as the rise and fall of Napoleon, the Sack of Rome in 1527, and the political intrigue of the Russian Revolution. Those fascinated by the lives of kings and queens can journey to Versailles to meet Marie Antoinette and Louis XIV the Sun King, or to Ancient Egypt to meet Cleopatra and Nerfertiti. Or perhaps you’re looking to explore the history of religion, from Buddhism’s early teachings to the Protestant Reformation. If you’re interested in the stories behind iconic works of art, music and literature, dive in to discussions on the artistic genius of Michelangelo's Sistine Chapel and Van Gogh’s famous Sunflowers. From Gothic architecture to the works of Shakespeare, each episode of In Our Time offers new insight into humanity’s cultural achievements. Those looking to enrich their scientific knowledge can hear episodes on black holes, the Periodic Table, and classical theories of gravity, motion, evolution and relativity. Learn how the discovery of penicillin revolutionised medicine, and how the death of stars can lead to the formation of new planets. Lovers of philosophy will find episodes on the big issues that define existence, from free will and ethics, to liberty and justice. In what ways did celebrated philosophers such as Mary Wollstonecraft and Karl Marx push forward radical new ideas? How has the concept of karma evolved from the ancient Sanskrit texts of Hinduism to today? What was Plato’s concept of an ideal republic, and how did he explore this through the legend of the lost city of Atlantis? In Our Time celebrates the pursuit of knowledge and the enduring power of ideas.