The Road to Serfdom by Friedrich Hayek: Summary and Analysis

We summarize & explore the Road to Serfdom by Friedrich Hayek.

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#economics #capitalism #libertarian

[HistoryforThinkers]

Watch a much more interesting video about the economy here:

[jackharris]

I can re watch these to learn something both new and existential every time. Okay, maybe no more than 5 times

[ruurinjoroge]

oh wow, loved the intro and the summarization of the road to serfdom

[mahamednour]

What a video! Thanks for the inspiration my friend.

[hheyop]

Hello, i'm a frenchman, is it supposed to have another episode ? The end is like none finished to me

[andrieslouw]

Central planning is here....
1. The Central Reserve Bank in USA serves as an central world economic planning commission
2. World Health Organisation is central planning pandemics/health i.e. covid
3. Nato is central military planning
4. Catholic Church/World Counsel of curches is central religious planning

Etc.

[jeff-hhmc]

And yet this dude and Friedman didn’t like one another…crazy.

[pappagallagher]

Germany had not formed into United country until 1871. German Northern states fought against oppressive imperialism of German speaking Austrians. Prussian state brought unification Germanic independent states. Hayek writes about influence of Prussia because ultimately Prussian leaders wanted Empire.

[parasharkchari]

I'm particularly happy you included all the seemingly left-wing positions that Hayek actually held and actually advanced. Nearly everyone else who talks about him seems to make him out to be almost an anarchist who thinks the markets are all-powerful and universally self-correcting, which is irrefutably nonsensical in every way. That said, a lot of those self-styled libertarians out there [to a malicious degree] conflate Hayek with Friedman and even more so with Ayn Rand and equate any and all dissenters with the Gulag Archipelago.

Feel free to correct me if I'm wrong on this, but... To me, it always seemed that Hayek's stance on government involvement should be from the negative position rather than the positive one. i.e., He didn't believe that government systems should (or even can) be molded to achieve the things we want in a sort of "ideal world" vision. Rather, they should be molded to prevent the things we absolutely don't want or cannot tolerate. e.g., you don't do public works projects to spur the economy out of a recession, but you do them to keep a baseline of operations to prevent economic disasters from being too disastrous. Regulation of the economy and the financial sector isn't to keep it running in a way that we believe is optimal, but to prevent the worst from happening like corporate collusion and price-fixing or market-wide deception and false signaling like you had with the subprime mortgage crisis.

[coveredinthorns]

I disagree forced specialization makes the economy better. Hayek later explains in Fatal Conceit that the informatiin the individual has is much more than the states man so he is best in the best position through pricing information to determine his best output. This was also explained in wealth of nations.

[samipeltola]

I don't think that state socialism means communism (12:30). Isn't the very definition of communism such that it requires the absence of money, classes and state? I think you are mixing the socialist development of say USSR to communism. Even though the goverment stated it's communist, they only implemented state socialism with the AIM of achieving the communist utopia of no goverment.

Great never video nevertheless!

[michaelbast]

The people were willing to get on a boat and sail across the sea to separate church from the state. What should we be willing to do to take the state out of money?
I’d expect some friction and so did the guy who invented the tech that put this in motion.
Satoshi Nakamoto is the anonymous inventor.
Blockchain is the tech.
BTC is the money.
$BTC