Analysis Of Friedrich Hayek's The Road To Serfdom

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The modern world could be characterized by the blistering development of market and market relations. Nowadays, people accept the only way of the development of economy and try to devote the greatest attention to the given pattern. The fact is the peculiarities of the development of society resulted in the creation of the conditions beneficial for the development of market. It helped people to become richer run their own business, trying to guarantee their existence and prosperous future. However, one should remember the fact that society has passed a long way in order to achieve the needed result. The second half of the 20th century could be taken as the most important stage in the process of evolution of market relations. Analyzing the given sphere, it should be said that blistering development of market relations became possible due to the unique combination of various conditions. First of all, having passed through the WW II, society realized the fact that powerful economy is the key of …show more content…

However, his views are different form Polanyi`s ideas and revolve around the power of an individual and the impact the development of market relations has on it. Thus, is his book The Road to Serfdom, Hayek tried to present his point of view on the development of planned and market economy. The author revolves around the idea that the adherence to the main concepts of planned economy will obviously lead to the development of totalitarianism and the disappearance of the freedom of an individual (Hayek n.d). He is sure that the beneficial existence of any person and society is impossible without a certain level of economical freedom provided. With this in mind, Hayek comes to the conclusion that the development of market relations could be analyzed in terms of the freedom of an individual and his/her right for

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