The Fatal Conceit

Historical Context and Significance

Friedrich von Hayek's book «The Fatal Conceit» is one of the key works in economic theory and philosophy. Published in 1988, it was Hayek's last major work. In this book, Hayek critiques socialist and collectivist ideas, arguing that they are based on a flawed understanding of human nature and society. He emphasizes the importance of spontaneous order and the evolution of cultural traditions, which he believes contribute to economic and social progress. Hayek asserts that attempts at centralized planning and economic management inevitably lead to totalitarianism and the suppression of individual freedom. The book had a significant impact on political and economic discussions at the end of the 20th century, especially in the context of the collapse of socialist regimes in Eastern Europe. It also strengthened the positions of libertarianism and classical liberalism, highlighting the importance of the market economy and individual freedoms. «The Fatal Conceit» remains relevant in discussions about the role of the state and the market in modern society.