Wednesday, December 7, 2022

Democracy And Republicanism Can Survive Only In A Free Market Economy

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“The free market is the only mechanism that has ever been discovered for achieving participatory democracy. Unfortunately, the relation between the ends and the means remains widely misunderstood. Many of those who profess the most individualistic objectives support collectivist  means without recognising the contradiction. It is tempting to believe that social evils arise from the activities of evil men and that if only good men (like ourselves, naturally) wielded power, all would be well. That view requires only emotion and self-praise– easy to come by and satisfying as well. To understand why it is that ‘good’ men in positions of power will produce evil, while the ordinary man without power but able to engage in voluntary cooperation with his neighbours will produce good, requires analysis and thought, subordinating the emotions to the rational faculty. Surely that is one answer to the perennial mystery of why collectivism, with its demonstrated record of producing tyranny and misery, is so widely regarded as superior to individualism, with its demonstrated record of producing freedom and plenty. The argument for collectivism is simple if false; it is an immediate emotional argument. The argument for individualism is subtle and sophisticated; it is an indirect rational argument. And the emotional faculties are more highly developed in most men than the rational, paradoxically or especially even in those who regard themselves as intellectuals.”-An excerpt from F A Hayek’s magnum opus The Road To Serfdom.

F A Hayek’s The Road To Serfdom remains the best argument against socialism. It should be read by every Indian. Much misery would be avoided, if even now, after 67 years of socialism, Indians read this book.

The book can be purchased here. It is also available on kindle.

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