Monday, May 24, 2010
Road to Serfdom: Wrong Turn.
According to Friedrich von Hayek, the development of welfare socialism after World War II undermined freedom and would lead western democracies inexorably to some form of state-run serfdom.
Hayek had the sign and the destination right but was entirely wrong about the mechanism. Unregulated finance, the ideology of unfettered free markets, and state capture by corporate interests are what ended up undermining democracy both in North America and in Europe.
--Peter Boone and Simon Johnson, The Baseline Scenario, 5/23