LMR – April 2019

Friedrich Hayek, in much the same way as Mises and every great economist going back to Adam Smith and beyond, had to defend the principles of the capitalist system to his own generation anew. Is that because once a free society is achieved we take it for granted and we no longer value it? Must we sink into totalitarian darkness before we can realize what we have lost?
Hayek concluded that this might actually be the case, even though he wished that it weren’t true. What he could not ignore was the fact that so long as there were people who were continually attracted to socialist ideals the socialist trend would persist.