While our politicians lurch around passing inexplicable laws, I wonder if they could also adopt a law requiring each politician and government regulator to spend say 10 minutes each morning reading this work before they set about wreaking havoc.
Hayek was moved to write the book while observing England - in the late 1930s - repeating many of the factors that led to the rise of National Socialism - and Hitler - in Germany. His observations are remarkably relevant to America even now. He was concerned that central planning and control would necessarily stunt innovation and productivity and, in turn, freedom - the road to serfdom.
It was interesting to read someone with his perspective explain how the collectivists co-opt the terminology of freedom - all the way to the point that the term "liberal" is completely removed from its 19th century meaning.
He acknowledges that unfettered capitalism can't exist anymore, and that capitalism itself is full of faults. That doesn't stop him from convincingly making the case for the concept that free individuals will come up with practical solutions during the course of their normal interactions in a way that no government regulator can ever do.
Watching our leaders in action these days confirms this point of view. Watching the pack bray at AIG in today's news also calls to mind Hayek's observations (not to defend AIG - moreso that this involves populist rabble-rousing to deflect attention from the AIG bailout blunders). Unfortunately we are going through a set of conditions in which what seemed like an already ridiculously large government is going to expand by several orders of magnitude. Under what circumstance will Washington give up the control it's taking in banking, automobile industry (including suppliers as of today), healthcare? - and the list goes on. More sectors to lose dynamism in exchange for expending their energies seeking government favors. Aarrgh.
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