Contributed by: filbert Wednesday, November 25 2009 @ 11:23 AM CST
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.