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From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

By destroying competition in industry after industry, this (corporatist) policy puts the consumer at the mercy of the joint monopolist action of capitalists and workers in the best organized industries. . . (this) would, in fact, produce effects opposite to those at which the argument for planning aims. Once this stage is reached, the only alternative to a return to competition is the control of the monopolies by the state--a control which, if it is to be made effective, must become progressively more complete and more detailed.

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From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

Yet, though all of the changes we are observing tend in the direction of a comprehensive central direction of economic activity, the universal struggle against competition promises to produce in the first instance something in many respects even worse, a state of affairs which can satisfy neither planners nor (classical) liberals: a sort of syndicalist or "corporative" organization of industry, in which competition is more or less suppressed but planning is left in the hands of the independent monopolies of the separate industries.

Excerpted under Fair Use for purposes of non-commercial education, discussion and comment. Any transcription or typographical errors are mine.

From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

. . . the fact that we have to resort to the substitution of direct regulation by authority where the conditions for the proper working of competition cannot be created does not prove that we should suppress competition where it can be made to function.

Excerpted under Fair Use for purposes of non-commercial education, discussion and comment. Any transcription or typographical errors are mine.

From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

Indeed, one of the main arguments in favor of competition is that it dispenses with the need for "conscious social control" and that it gives individuals a chance to decide whether the prospects for a particular occupation are sufficient to compensate for the disadvantages and risks connected with it.

Excerpted under Fair Use for purposes of non-commercial education, discussion and comment. Any transcription or typographical errors are mine.

From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

It must not be forgotten that socialism is not only by far the most important species of collectivism or "planning" but that it is socialism which has persuaded liberal-minded people to submit once more to that regimentation of economic life which they had overthrown because, in the words of Adam Smith, it puts governments in a position where "to support themselves they are obliged to be oppressive and tyrannical."

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From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

Socialism was embraced by the greater part of the intelligentsia as the apparent heir of the (classical) liberal tradition: therefore it is not surprising that to them the idea of socialism's leading to the opposite of liberty should appear inconceivable.

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From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

To the great apostles of political freedom the word ("freedom") had meant freedom from coercion, freedom from the arbitrary power of other men, release from the ties which left the individual no choice but obedience to the orders of a superior to whom he was attached. The new freedom promised (by socialism), however, was to be freedom from necessity, release from the compulsion of the circumstances which inevitably limit the range of choice for all of us, although for some very much more than for others. Before man could be truly free, the "despotism of physical want" had to be broken, the "restraints of the economic system" relaxed.

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From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

Nobody saw more clearly than De Tocqueville that democracy as an essentially individualist institution stood in an irreconcilable conflict with socialism: "Democracy extends the sphere of individual freedom," he said in 1848, "socialism restricts it. Democracy attaches all possible value to each man; socialism makes each man a mere agent, a mere number. Democracy and socialism have nothing in common but one word: equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude."

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The Bollywood to South Beach Voyage - Regent Seven Seas Voyager, October 29-December 18, 2009

Text by Snookums, Pictures by Filbert

Part Six

(Remember to click "read more" if you're looking at this from the main medary.com page to get the whole article!)

November 9 (Monday, Day 12, Port Victoria and Praslin, Seychelles, continued) -

Snorkeling at Coral Island:

Ray, just as soon as we got into the water

More after the jump . . .

From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

It is rarely remembered now that socialism in its beginnings was frankly authoritarian. The French writers who laid the foundations of modern socialism had no doubts that their ideas could be put into practice only by strong dictatorial government.

Excerpted under Fair Use for purposes of non-commercial education, discussion and comment. Any transcription or typographical errors are mine.