Number 5: The Road to Serfdom: With the Intellectuals and Socialism, by Friedrich A. Von Hayek
Amazon: In The Road to Serfdom and The Intellectuals and Socialism, Hayek explained the enduring appeal of socialist ideas. Socialism satisfies peoples desire to impose order on the world through central direction rather than allowing an order to develop through individuals autonomous choices. Socialism has particular appeal to intellectuals — the teachers, journalists and other commentators who pass comment on public policy without any special expertise on economic matters, whom Hayek termed the second-hand dealers in ideas. Once the logic of planning has become accepted throughout society, the only solution to the inevitable failure of socialism will be the imposition of a more comprehensive plan. Hence, planning leads to a process by which individual freedom is incrementally eroded — the road to serfdom. The two papers, together with the forewords and introduction, are still so relevant today as we seek a freer world, whilst surrounded by an intellectual establishment, both in the UK and EU, that is largely hostile to freedom and capitalism.
