Economic Theories of The Great Depression and the Return to Serfdom
Friedrich Hayek's (1899-1992) vision of individual liberty is deeply connected to the principle of economic freedom. In his work The Road to Serfdom , Hayek argues that central planning and government intervention in the economy threaten individual liberty. Can we equate the loss of personal financial liberty to the far-reaching government measures to ensure federal dependence taken after the Great Depression? Hayek believed economic freedom was essential for preserving personal autonomy and individuals' right to freedom of choice. In The Road to Serfdom (1944), Hayek describes his belief that economic control contributes to the further regulations of personal freedom, arguing that “Economic control is not merely control of a sector of human life which can be separated from the rest; it is the control of the means for all our ends. And whoever has sole control of the means must also determine which ends are to be served, which values are to be rated higher and w...