Individualism and Economic Order

Historical Context and Significance

Friedrich von Hayek's book «Individualism and Economic Order» is one of the key works in the field of economic theory and philosophy. Published in 1948, it is a collection of essays in which Hayek explores the nature of individualism and its role in economic order. Hayek defends classical liberalism and market economy, emphasizing the importance of decentralized decision-making and spontaneous order. He criticizes centralized planning and socialism, arguing that they lead to restrictions on freedom and economic inefficiency. The book has had a significant impact on the development of libertarian thought and has become an important source for subsequent generations of economists and political philosophers. It also played a role in shaping the ideological foundation for economic reforms aimed at deregulation and privatization in the late 20th century.