Contributed by: filbert Thursday, December 10 2009 @ 08:13 AM CST
From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.
It is now said that democracy will not tolerate “capitalism.” If “capitalism” means here a competitive system based on free disposal over private property, it is far more important to realize that only within this system is democracy possible. When it becomes dominated by a collectivist creed, democracy will inevitably destroy itself.
Excerpted under Fair Use for purposes of non-commercial education, discussion and comment. Any transcription or typographical errors are mine.
UPDATE: I mis-posted yesterday’s TFTD as today’s as well, and just now noticed. Mea culpa. My bad.