Hayek's Road to Serfdom

Friedrich Hayek's "The Road to Serfdom" argues that government control over the economy leads to a loss of individual freedoms. Hayek contends that when the state directs economic decisions, it can lead to authoritarianism, as power tends to concentrate in the hands of a few. He emphasizes that central planning often fails to meet the diverse needs of society and warns that this path threatens democracy and personal liberty. Thus, he advocates for free markets, where individuals can make choices, supporting both economic efficiency and the preservation of freedom.