The Road to Serfdom

Historical Context and Significance

Published in 1944, Friedrich von Hayek's «The Road to Serfdom» is one of the most influential works in the field of political philosophy and economic theory of the 20th century. Hayek warns of the dangers associated with centralized planning and government control over the economy, arguing that such measures inevitably lead to the loss of individual freedoms and the establishment of a totalitarian regime. In the context of the time when the book was written, it became a powerful argument against the socialist and communist ideologies gaining popularity in Europe and beyond. Hayek asserts that economic freedom is an integral part of political freedom and that state intervention in the economy should be minimal. The book had a significant impact on political and economic debates in the post-war world, contributing to the strengthening of liberal ideas and market economies. It also influenced many politicians and thinkers, including Margaret Thatcher and Ronald Reagan, who incorporated Hayek's ideas into their reforms. «The Road to Serfdom» remains relevant today, serving as a warning about the risks of excessive government intervention in the economy and society.