Contributed by: filbert Thursday, November 26 2009 @ 11:24 AM CST
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.
Excerpted under Fair Use for purposes of non-commercial education, discussion and comment. Any transcription or typographical errors are mine.