The Road to Serfdom

Summary

The book «The Road to Serfdom» by Friedrich von Hayek is a critique of socialism and planned economies. Hayek argues that attempts at government control over the economy inevitably lead to the loss of individual freedom and totalitarianism. He explains how centralized planning undermines democratic institutions and leads to dictatorship. Hayek emphasizes the importance of a market economy and personal freedom as the foundation for prosperity and warns of the risks associated with excessive government intervention in economic life.