POLI 1001 Chapter : Road To Serfdom
Document Summary
Hayek & his context: russia, germany, both movements have roots in socialism, ex: mussalini was part of the socialist party before his facist movement in italy. Hayek & classical liberalism: each individual is acting on own self interest, common good, meaning/ direction of social and economic life was socialism, hayek thinks classical lib. Has discovered something permanent about organizing an economy. Spontaneous order : key aspect, old liberalism according to dewey, means to reiterate the argument adam smith made of invisible hand , pg. 83 human ends : no price control officially established prices, gas prices cannot double overnight for hurricane season, hotel prices cannot exceed a limit. The price system: prices being free results from individual actions, no heavily regulated licensing system, some jobs needing a license bartending, doctors, lawyers, price system is allowing creators/ designers insight to what people need/ want.
