Hayek on Socialism

Hayek declared in 1961,

For over a hundred years we have been exhorted to embrace socialism because it would give us more goods. Since it has so lamentably failed to achieve this where it has been tried, we are now urged to adopt it because more goods after all are not important. The aim is still progressively to increase the share of the resources whose use is determined by political authority and the coercion of any dissenting minority.

So that would mean that for around 150 years now we have be exhorted to embrace socialism. This in spite of the fact that Mises demolished the idea of socialism in the 1920’s.

Socialism and Fascism as economic systems are different but only on the surface. Both require the awesome force of a coercive State to control the general population for the benefit of the ruling minority.


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