The Road to Serfdom is a book by the Austrian-British economist and philosopher Friedrich Hayek. In the book, Hayek "[warns] of the danger of tyranny that inevitably results from government control of economic decision-making through central planning." He further argues that the abandonment of individualism and classical liberalism inevitably leads to a loss of freedom, the creation of an oppressive society, the tyranny of a dictator, and the serfdom of the individual. Hayek challenged the view, popular among British Marxists, that fascism was a capitalist reaction against socialism. He argued that fascism, Nazism, and state-socialism had common roots in central economic planning and empowering the state over the individual.
Cover of the first UK edition
Friedrich Hayek
An economist is a professional and practitioner in the social science discipline of economics.
Former chair of the Federal Reserve Alan Greenspan, who obtained his Ph.D. in economics from New York University, testifies before the U.S. House Committee on Financial Services
Former chair of the Federal Reserve Janet Yellen speaks with IMF Managing Director Christine Lagarde, 2014