The Fatal Conceit: The Errors of SocialismA critique of socialism by the Nobel Prize–winning economist: “The energy and precision with which Mr. Hayek sweeps away his opposition is impressive.” —The Wall Street Journal In this work, F.A. Hayek—a pioneer in monetary theory and proponent of libertarian philosophy—gives the main arguments for the free-market case and presents his manifesto on the “errors of socialism.” Hayek argues that socialism has, from its origins, been mistaken on factual, and even on logical, grounds and that its repeated failures in the many different practical applications of socialist ideas that the twentieth century witnessed were the direct outcome of these errors. He labels as the “fatal conceit” the idea that “man is able to shape the world around him according to his wishes.” “The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed—then refutes it again.” —Fortune |
Contents
Preface | 5 |
Was Socialism a Mistake? | 6 |
Between Instinct and Reason | 11 |
The Origins of Liberty Property and Justice | 29 |
The Evolution of the Market Trade and Civilisation | 38 |
The Revolt of Instinct and Reason | 48 |
The Fatal Conceit | 66 |
The Mysterious World of Trade and Money | 89 |
The Extended Order and Population Growth | 120 |
Religion and the Guardians of Tradition | 135 |
Appendices | 141 |
Editors Acknowledgements | 158 |
| 159 | |
Name Index | 173 |
| 176 | |
Our Poisoned Language | 106 |
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abstract rules Adam Ferguson Adam Smith adaptation already altruism animistic Aristotle become Bernard Mandeville biological evolution called capital Carl Menger chapter civilisation common competition complex conception constructivist created cultural evolution Darwin deliberate determined dispersed knowledge economic effects enabled ethics evolutionary example existence explain extended order F. A. Hayek fact FATAL CONCEIT freedom genetic growth Hayek Hoover Institution human interaction Hume idea important increase individual innate institutions intellectuals John Stuart Mill justice Keynes knowledge language large numbers lives mankind market order market process means mind modern moral traditions natural needs objects order of human organisation particular perhaps persons physical Popper population possible practices preserved primitive production rational rationalist recognised requirements result rules of conduct scientific scientism selection sense social Social Darwinism socialist specialisation spontaneous order structure theory thinkers trade traditional morals understanding Volume