Title and Author: The Constitution of Liberty by Friedrich A. Hayek
Synopsis of Content:
First published in 1960, The Constitution of Liberty is economist Hayek's popular work in defense of a free economy and individual liberty. He contrasts command economies with free economies and compares the outcomes.
Hayek was a staunch anti-socialist who wrote in defense of capitalism at a time when it was not fashionable to do so. The 1960s may have been the apex of ascendency for socialism in the world and in academia especially defenders of free market capitalism were few and far between.
As you read Hayek's observations from 1960 you see the unfolding of the Reagan revolution in the United States as well as the failures of socialism in Europe, Russia and China.
Hayek writes about the necessity of private property rights and the role they played in achieving much of the affluence and financial success enjoyed in the Western world today. What Hayek could not know was how private property rights would play a key role in changing societies and improving economic conditions in India, China and many other areas of the world in the half century that has passed since he wrote this book.
Hayek also explores the relationship between free markets, private property and the evolution of democracy and freedom in the world. He demonstrates and folly of central planning and income redistribution plans and the dynamic progress a free society and economy can bring.
Whether you agree with all of Hayek's conclusions or arguments this is a good book for anyone to read who has an economic interest in the future. There is no doubt that it is very difficult if not impossible to build true wealth in a command economy but is done every day by millions of people in free markets. Anyone who values economic opportunity will gain benefit from understanding the role of private property and a free economy for us all.
Readability/Writing Quality:
Hayek was a noted economist and political philosopher. He wrote in a dense style typical of academia. His work is well written and insightful but is not an easy read.
Notes on Author:
Friedrich A. Hayek was born in Austria. He was a world renowned economist and political philosopher. He won a Nobel Prize for Economics in 1974 and the US Presidential of Freedom in 1991. He died in 1992.
Great Ideas You Can Use:
While this book does not provide concrete instructions for people to create wealth it is a useful and powerful endorsement of the kinds of economic and political systems that make it possible for individuals to create wealth as well as an indictment of those systems that frustrate it. As each of us votes or otherwise plays our role in our political system it is useful to understand the principles at work here.
I highly recommend this book for anyone who wants to understand the big picture.
Publication Information:
The Constitution of Liberty by Friedrich A. Hayek
Published by University of Chicago Press. Copyright 2011. 688 pages.
Rating for this Book
Over all Rating for Book: Very Good
Writing Style: Moderate to difficult.
Usefulness: not practically useful in business, but very useful in making important political decisions.
Difficulty: Moderately difficult.
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