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The Socialists’ Hypotheses and The Road to Serfdom

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  • Bezencry, Gabriel F.
  • Jensen, Nicholas
  • Smith, Daniel J.

Abstract

This paper examines the writings of socialist scholars who played a pivotal role in shaping Hayek’s perspective in TRTS, including William Beveridge, Stuart Chase, Henry Dickinson, Hugh Dalton, Evan Durbin, Oskar Lange, Harold Laski, Abba Lerner, Barbara Wootton, and the contributing authors in Findlay Mackenzie’s Planned Society (1937). Many of these socialist thinkers held two main hypotheses. First, industrial concentration was inevitable under capitalism. Second, they argued that government ownership or control of key economic sectors was necessary to protect democracy from industrial consolidation in the capitalist system and to reduce political opposition to complete state ownership or control over the means of production. Despite sharing Hayek’s concern for socialism’s potential erosion of democratic freedoms, these socialist hypotheses have received much less scholarly attention than Hayek’s TRTS. We conclude that Hayek formalized socialist scholars’ fears and developed a well-defined hypothesis that central planning could threaten democratic freedoms.

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  • Bezencry, Gabriel F. & Jensen, Nicholas & Smith, Daniel J., 2024. "The Socialists’ Hypotheses and The Road to Serfdom," SocArXiv vad37, Center for Open Science.
    • Handle: RePEc:osf:socarx:vad37
    DOI: 10.31219/osf.io/vad37
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    References listed on IDEAS

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    1. David L. Shapiro, 2001. "Hayek's Slippery Slope : Is There a Third Way?," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 16(Spring 20), pages 16-29.
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    5. Benny Carlson, 2011. "Gustav Cassel: In Defense of Private Property Rights," Cato Journal, Cato Journal, Cato Institute, vol. 31(2), pages 305-313, Spring/Su.
    6. Peter J. Boettke & Daniel J. D’Amico & Adam G. Martin, 2020. "Hayek and His Socialist Friends," Advances in Austrian Economics, in: Philosophy, Politics, and Austrian Economics, volume 25, pages 25-48, Emerald Group Publishing Limited.
    7. Andrew Farrant & Edward McPhail, 2011. "A Response to Caldwell on F. A. Hayek and The Road to Serfdom," Challenge, Taylor & Francis Journals, vol. 54(1), pages 98-112.
    8. Oskar Lange, 1936. "On the Economic Theory of Socialism," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 4(1), pages 53-71.
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