Hayek’s "The Road to Serfdom" - Lawrence H. White

Lawrence H. White is Professor of Economics at George Mason University.
Ludwig von Mises (1881-1973) and Friedrich A. Hayek (1899-1992) were leading founders of the Austrian School of economics, and are counted among the twentieth century’s foremost champions of free markets and critics of socialism. This second CCA of the 2016-2017 academic year will consider the history and principles of the Austrian School, as well as Mises’ and Hayek’s major works and continuing influence.
Watch more from CCA II: Mises, Hayek, and the Austrian School at www.hillsdale.edu/live/2016-2017-cca-ii-mises-hayek-austrian-school/
Hillsdale College website: www.hillsdale.edu/

[@talex001]

This is why the constitution MUST be followed, if the government cannot protect the individual, the government serves nothing but itself.

[@sjr7822]

Constitution is a contract between the people and their Government, In recent times, when has government made the effort to honor this contract? Judges no longer, on the most part, consider the Constitution, either, and then we wonder why our government isn't working for us.

[@dhejdkdkdebjejdjdjs3523]

"the government serves nothing but itself" AND MUST BE ABOLISHED.

[@FylixAerou]

@@dhejdkdkdebjejdjdjs3523 Ancap? ♥

[@thelumpenproletariat6393]

if you believe what you have professed here, you know what must be done "The tree of liberty must be watered, from time to time, with the blood of tyrants." Jefferson "Any society who would give up a little liberty for a little security will gain neither and lose both." Franklin "Well Mr. Franklin, do we have a republic?" "For now. If you can keep it." Your founding fathers knew full well what was going to happen. Who has their courage? Who will stand up?

[@alwaysopen7970]

@@sjr7822 Something I don't agree with is how/why judges have the authority to legislate from the bench, no matter what level of court, as they see fit. Are they more knowledgeable of the intent of the Constitution than any other citizen of the land? Is there a missing addendum they have hidden away? Boom! The law changed and its on record. If you appeal a judgement and represent yourself it is near impossible as the judges don't take you seriously even if your argument made commons sense as far as the law read. A judgement in a case months prior changed the law because one judge wanted to interpret it in his own manner. True story, I lived it.

[@HeavyMetalPedal]

I have read "The Road to Seldom" and several chapters several times. It should be read by EVERY person at EVERY level of government. Excellent presentation in this video!

[@ltethan649]

I'd be surprised if an politician ever read a book in their lives.

[@svenva]

Now that I have some people that are interested in these kinds of books: What other books should I read?

[@HeavyMetalPedal]

@@svenva The Technological Society and Propaganda: The Formation of Men's Attitudes by Jacques Ellul. The most important thing anyone living in USA INC can do is leaving before it gets really bad. Israel has subverted USA and plans on destroying it and every white person living there. The white genocide has started and will only get worse in a western countries. 2 percent of USA population control 96% of banking, Hollywood, porn industry and hold over 200 high-level positions in US government. Most hold Israel/US dual citizenship. The only supremacy in USA INC is JEW SUPREMACY! Americans better get some courage and speak up because your children have NO FUTURE! The jews been run out of 109 countries for destroying the countries culture. These are Satan lovers that want white people DEAD and they have no problem saying it. "We Jews, we, the destroyers, will remain the destroyers forever. Nothing that you will do will meet our needs and demands. We will forever destroy because we need a world of our own, a God-world, which it is not in your nature to build." - You Gentiles by Maurice Samuels (Pub 1924) ['God' for these psychopaths is actually Lucifer, affirmed by Zionist Harold Rosenthal in his 1976 interview with Walter White Jr. -Ken Adachi] "Our race is the master race. We are divine gods on this planet. We are as different from the inferior races as they are from insects. In fact, compared to our race, other races are beasts and animals, cattle at best. Other races are considered as human excrement. Our destiny is to rule over the inferior races. Our earthly kingdom will be ruled by our leader with a rod of iron. The masses will lick our feet, and serve us as our slaves." - Menachem Begin was an Israeli politician, founder of Likud and the sixth Prime Minister of Israel. “If we get caught, they will just replace us with persons of the same cloth. So, it does not matter what you do. America is a golden calf; and we will suck it dry, chop it up, and sell it off piece by piece until there is nothing left but the world’s biggest welfare state that we will create and control. Why? Because it is the will of God, and America is big enough to take the hit; so, we can do it again and again and again. This is what we do to countries that we hate. We destroy them very slowly and make them suffer for refusing to be our slaves.” - Benjamin Netanyahu is an Israeli politician who has been Prime Minister of Israel since 2009, having previously held the position from 1996 to 1999. Netanyahu is also the Chairman of the Likud - National Liberal Movement. He is the longest-serving Prime Minister in Israeli history and the first to be born in Israel after the establishment of the state.

[@jimbuford4147]

I was raised on a cotton farm in the South and heard my dad talk about how the government would plow up fields of cotton in the '30's because there was too much of it and I as a teenager remember into the 1950's we were told by the government how much cotton we could produce. That was our cash crop and it caused us to lose our farm. Other commodities suffered the same way.

[@emptyhearted9981]

The american should be left alone to grow as much of whatever markets want. if its your land; opium poppies mushrooms pot cocaine plants and of course cotton should all be open to cultivate process refine etc.and all should be freely traded by free people who can choose to use and abuse or not .

[@hollykrestalude8497]

Thankyou for sharing that, i had no idea the Gov put those restrictions on private business in the 50's. I've been niave.

[@jaimestephens3976]

Yes, some people are to smart, for everyone else's good!!!

[@sallymary2]

@@hollykrestalude8497 My dad had to mow down 6 swaths of peas around a field in NY State too. He fertilized the lad well and they said he had too good a crop.

[@pipsantos6278]

Now it swinging in the other extreme. The government will pay to not plant or buy produce at a higher than market price.

[@carefulconsumer8682]

Anyone old enough who has lived behind the Iron Curtain understands this clearly! Thank you.

[@schmetterling4477]

I have lived behind the iron curtain and the reality of it had absolutely nothing to do with what was being said here. ;-)

[@Desertpunk1986]

@@schmetterling4477how is it not?

[@snippletrap]

Central planning isn’t just for governments. It’s also for private corporations to win no-bid contracts, receive bailouts, and eliminate competition.

[@DWHalse]

Yep!

[@coffeeonkeyboard1810]

My dad gave me Road To Serfdom to read back in '74 - 8th grade at the time.

[@KurtSlotkowski-hj8jd]

@Here Beforeyou Certainly more closer to reality than anything Stephen King ever did. So, yeah ... you're right, much more scarier.

[@Fanofou82]

My dad gave it to me when he was potty training me. I used it to wipe my ass.

[@user-mp9rd4hg8b]

CoffeeOnKeyboard That was before the technological wasteland when people actually _read_ things and communicated in English, rather than gibberish like "b4," "u," and "n."

[@blessedalcuin]

@@Fanofou82 If you "wiped your ass" with The Road To Serfdom, then you were an imbecile. You seem to think yourself very clever still, so you must be still an imbecile, good only for turning into Soylent Green. Thank you for your hearty confession, imbecile.

[@D45VR]

@@blessedalcuin he was an infant then so he had an excuse. but now, I think he is a self-made imbecile.

[@louthurston8088]

Another of the legion of economists following Hayak, Friedman, Sowell and Williams, yet we continue down the road to serfdom. Insane.

[@OPRAHRULZ]

We've been executing the ideas of Hayek, Friedman, and Von Mises for the last fifty years. Insane that you wouldn't find them culpable for the neo-feudalism we are suffering under.

[@sanniepstein4835]

@@OPRAHRULZ The mark of uncorrupted capitalism is the separation of wealth and power. People may pursue their survival, and own property, without paying bribes, having connections, or holding authority. Neo-feudalism is what the left creates: wealth and power are centralized in the hands of small elite. Note that it is the prominent Democrats who have become extremely rich in public service, and their followers, who spit with envy at success in the voluntary economy, appear to see this as the proper and natural order of things.

[@7_red24]

Sanni Epstein, No, Obama is secretly a genius businessman. $25 million home. So, too, Mr. Biden. $16 milliion income for 2017-18. Nothing to see here folks, just a couple of everyday business and financial geniuses.

[@sanniepstein4835]

@@7_red24 Lol.

[@OPRAHRULZ]

Sanni Epstein I hate Obama and his ilk too. They are right of center neoliberals. Leftists want to get rid of hierarchies wherever necessary. Decentralization of power is key to the left program.

[@mnfowler1]

Unless I have missed it somewhere, I have never heard anyone connect Hayek's "Road to Serfdom" (1943 in UK; 1945 in US) directly to George Orwell's "1984." White does not mention this connection, either. Orwell reviewed RTS positively and later incorporated many features of Hayek's essay in "1984." I first realized this while reading RTS chapter 10, "why the worst get to the top" in a centrally planned system. It's all about Orwell's character O'Brien and his ilk. (Like most, I read "1984" long before I read RTS.) It is almost as if "1984" is a direct response to RTS.

[@kec7116]

I often learn more from comments than I do the videos. Thank you

[@JacksonCarpentersocialmedia]

The introduction to The Definitive Edition of RTS includes mentions of 1984.

[@noth606]

Thank you for this Hillsdale and Dr. White both, and Hayek of course for the book itself.

[@avatarcowboy2435]

It is four years since this video was released, but I too wish to add my voice of thanks to Professor White for sharing Hayek's wisdom with today's audience. Many years ago a close friend gave me his father's copy of the Road To Serfdom. This particular copy was published by UCP in October, 1944, 3rd Impression. My friend's father was an economist and his notes written in pencil can be found through the book. It is a little book - in size. In importance however it is truly a great work. In a better world this book would be required reading and study in every university. Even at the high school level Hayak's core message of the folly of central planning and the 'fatal conceit' should be taught.

[@thefredkalis]

thank you Hillsdale college it's a very good talk

[@Srulio]

Heyek's messages about policy, economics and values are needed NOW (in 2019) more than ever before.

[@grayzytube]

Especially where he said that numans are naturally socialist. What confused me when I studied Hayek is why he was against a natural tendency (what comes naturally is easier to achieve) working toward democracy in the workplace but his supporters such as Thatcher and Regan thought differently and put control of our lives in the hands of financial institutions, instead of the people who actually do the work.

[@sanniepstein4835]

@@grayzytube So you think all real work is done with a shovel. How many practice accounting for fun?

[@shirleykurtz]

Reagan did a lot of things wrong! I do not look up to him!

[@gillianmason4198]

Lawrence C.White, I am listening to your lecture and it is sending shivers down my spine as l am English and right now as the world knows we in The United Kingdom are tearing ourselves apart over leaving the European Union.I have just stopped your lecture at the point where you are saying, " I want to be a Carpenter and being told you should be a Plumber " he has the choice in a free society. I am so saddened that it seems impossible to hear a lecture on our British Broadcasting Center speaking about the issues you are speaking about. The young people are not being informed about the dangers of an ever increasing danger of a what will become the Federal European State. They believe they will lose their freedom if we leave, without any knowledge of what they are really losing is there freedom if we stay. I hope I am expressing that being friendly with our European neighboring countries does not mean I wish to be governed by them.

[@Doxymeister]

Many of us here in the states are watching and praying for you all. I don't quite understand the insistence on having some kind of new trade agreement in order to leave the EU--just leave. It's not the end of the world, there are other countries that will trade with the UK, providers will find ways to get around existing ones. Just seems to me that any agreement that insists on the UK losing some of it's sovereignty is a bad agreement. At any rate, we wish you all the best.

[@paulvarn4712]

@@Doxymeister Agreed. Trump has promised the US will step in as a strong trade partner so as Trump is known for saying "What have you got to lose?"

[@gillianmason4198]

Hi DachshundsRule, thank you for your reply and good wishes, The United Kingdom is in a mess because previous governments have messed with our constitution, it is only now that all the changes have added up to a government unable to govern. The European Union has from the start made it as difficult as they could so as to make sure The United Kingdom would not been seen by the other 27 countries to be prospering from leaving. The best way to leave would have been a no deal and then negotiate, but due to the Labour Party who said they would uphold the referendum decided to take the position of REMAINING! We have a hung parliament which means the Conservative government does not have a majority. We need to have a General Election but this is also being blocked by the Labour Party and another smaller party called the Liberal Democratics Who are far from being democratic. Hence "The tail is wagging the Dog". There is a silver lining though the people of the United Kingdom have been taught about Politics and there consequences of electing Members of Parliament who do not think they need to do what their constituents voted them in to do. Hopefully a General ELection will take place soon and we can vote them all out and rebuild our Democracy and move onto a better future.

[@gillianmason4198]

HariHari Yes we do not have a written constitution as you do In The States, but we do have Democracy. It would have been helpful to have a written constitution we maybe would not be in the mess we find ourselves in The United Kingdom.

[@markroberts6403]

Reading this comment in April 2020 and all I have to say is, thank the stars that went the right way! Fingers crossed for a no strings attached end to the transition in Dec!

[@Gamerad360]

Great video, you manage to give an honest account of Hayek's teachings.

[@vkorchnoifan]

This is absolutely the best video on "The Road to Serfdom" !!!!!!!!!!

[@mktwatcher]

Very relevant to what's trying to be implemented inside our Government and Country today. You need to update and give this talk again, again, again and again. We're headed for a cliff.

[@pechoja]

Vote agaisnt dual citizenship of our representatives adn senators adn others who have influence. No man can serve two masters. No other country allows it. We have dozens of them. It is not about hate but about protecting our own interests.

[@tomschmidt2595]

Powerful explanation of a book my mom "told"me to read back... when i was a teenager. I pulled clearer information from the speaker's tutorial here. Very valuable, though i wish i had seen this 5yrs ago. Still, thank you!!!

[@davidhalliday616]

I think I’ve watched this 10 times now. I regard this as an extremely important lecture.

[@NEMO-NEMO]

There was a time in America where most folks survived from their plot of land and bartered with neighbors and towns to exchange for the goods they did not grow. The Industrial Revolution changed that concept and offered pay for hourly work. Seemed like a good idea. Less work, and a steady income with less gamble over feeding once self. Result was an utter dependency on the employer offering work. That, turns out, is a bigger gamble than the farm.

[@NEMO-NEMO]

Y T barter always works in a small community and it also means a greater sense of community. Small American farms kept themselves fed and in control of their future. Your comment suggests a modern lifestyle and is our present societal standing. Even if it’s not bartering and rather getting paid for your products that you sell, it’s still a better gamble than leaving the farm all together and offering your labor to the employer, who undoubtedly will only want to lower his labor costs to the lowest possible denominator to allow for greater financial gains.

[@NEMO-NEMO]

Y T your Capitalism suggests no crony style set up, which is what we hv today. Capitalism is free markets and the flow of those markets in consideration with supply and demand. Capitalism allows for the greatest amount of creativity if it’s allowed to work its natural course. We don’t hv that type of Capitalism today in our country. This is the reason for my statement amount the farm. If you don’t allow Capitalism to work as intended, then you hv a disguise of sorts that needs to be addressed. Too many lobbyist ect.... and all the other facets of our system today that are pointing to anarchy.

[@rebelwithacause5217]

Y T You don’t need to resort to name-calling.

[@ButtersOnStrings]

Back then almost every single person was in abject poverty and died before they’re 40th birthday.

[@yydd4954]

The road to serfdom is legendary piece of literature

[@schmetterling4477]

So is the bible, which has a talking snake and a talking donkey in it. I would go as far as to say that if you want a real best-seller, then you have to make snakes and donkeys talk. Worked for the authors of the bible and J.K. Rowling. Hayek is, at that scale, a total loser. ;-)

[@rameshacharya6941]

A vivid explanation of how politics undermines economic freedom

[@mjc01]

The economy should always serve democracy not the reverse.

[@Dani68ABminus]

Thank you! A much needed perspective.

[@xx-or8qx]

In their heart of hearts. It's how do we keep power from the general public?

[@nightmangerthe6386]

Or how to keep the public in darkness. A little light dispells a lot of darkness.

[@deathtomichaelknagge4397]

I just learned more about how the world really works than i have in the previous 20 years.

[@matthewhoover6154]

I want to go through that list of 100 best non fiction books of the century 2:50 and listen to them while I'm working. I have been going popular Russian literature from Archive.org and listening. (The book suggestions from Jordan Peterson's website. ) Such amazing pieces of literature available. I'm glad I started watching this video.

[@ronporter8785]

Psalm 46:6 Nations rage, kingdoms crumble; the earth melts when He lifts His voice.

[@peetsnort]

Cotton to diamonds. De beers know that they can stockpile diamonds and keep the price high. That's why I don't invest in diamonds. There is no shortage of diamonds in the world

[@r6racer53]

And it's not a scarce item! This is all illusion created by the greedy capitalist and why I told my wife I would never buy her jewelry. I understand how the market works and studied economics, the system is a ponzi scheme and Interests will never be able to be paid off. But the last person tried to get rid of the central bank was assassinated and so will the next.

[@peetsnort]

@@r6racer53 Ja what I also think. JFK was blown away for the interfering with the federal reserve and the only thing that might save trump is the already slumping of the world economy. If Germany is struggling then it will have a knock on effect. China is also a bit sluggish and its like the UK used to get a cold when the usa coughed. We certainly have a little crisis around the corner

[@r6racer53]

@@peetsnort October will be the month is unravels, but the FED will prop it up to try and save face. After the cold war all those scientists went to work in the financial world creating financial instruments to fleece the unknowing investors. Capitalism is for greedy bankers that dont care for the average man, and another gold confiscation act is around the corner...lol

[@noth606]

INITIATE RACING Eh, I think you have your priorities scrambled a bit there, my wife has a wedding ring with a small high grade diamond bought from De Beers with their original certificate. And a necklace with one. I live in NL so I can buy from them and have custom jewelry done to set them etc quite easily. Your wife's jewelry is not a goddam money investment, it's a happy wife investment, and I know from how much she wears them that they do make her happy. They weren't that expensive either, my PC's cost a lot more, but hey, I like them, my wife likes her diamonds. I would never buy diamonds as a money investment thing, because I'd be better off buying a range of things from bitcoin(which I do invest in) to gold, or even wheat futures or stocks or whatever.

[@womanoftheozarks]

@@noth606 Wise man ! ! !

[@MisesCelebrations]

So, how could National Review not have Human Action by Ludwig Mises on it's list of 100 greatest nonfiction books of the 20th century?

[@enematwatson1357]

A ponderous tome which nobody read ? Well, not literally "nobody" but too few to matter. Even having a Master's degree in economics is no guarantee of having even heard the name Mises. 😏

[@royolstad8532]

Great presentation! Thank you

[@hollykrestalude8497]

I remember Readers Digest! The good ole' days.

[@tommyodonovan3883]

I'm 55yrs....I haven't read a book in 2yrs.

[@genli5603]

My great grandmother was afraid that FDR meant the end of America. As we still labor under paying for the “free money” he promised, she may yet be proven right.

[@bobburnitt5389]

Roosevelt signed us up for Keynesian Economics and that is the system we still have. It is a worthless MARXIST SCHEME. Now we are riding a Tiger and cannot get off. BB

[@moodist1er]

KZbin is where illiterate people go to find eachother. Whatsfreemasondicktastelike?

[@bingeltube]

Very recommendable!

[@mnfowler1]

White says that Hayek did not think that the first step toward planning would inevitably lead to "serfdom," however, in RTS Hayek did dispute de Tocqueville's suggestion that a soft tyranny could go on for a long time without becoming a hard tyranny. I have wondered whether, if I were to read more of Hayek's later writings, I might find that he reconsidered de Tocqueville's point in light of the fact that many late 20th century democracies have, indeed, turned into soft tyrannies and have been that way for decades. A slide toward complete tyranny might be ahead, but it seems to me that Hayek explicitly predicted that it would come sooner rather than later. Here, I think, de Tocqueville was vindicated by history.

[@klosnj11]

De Tocqueville seems at times almost prophetic to me (I just finished reading Democracy in America, and the last chapters are gold). However, I dont think he could have predicted just how much development in the industrialized economy would change American cultural views on liberty. I read through the chapter on "self-intrest rightly understood" and wished his description still held today.

[@mikewatson2270]

At 5:45, "the market stumbled on the delivery" of goods. That's quite an euphemism for "people all around were broke".

[@MarkWrightPsuedo]

"In the United States...I would say neither party, either major party, spoke to the concerns Hayek raised, in the sense that neither party said, we need to scale dramatically back on governments role in deciding the allocation of resources." Truer words were never spoken!!! I always vote for the side I believe will lead (or has a greater chance of leading us) to a curbing of government's involvement, a reduction in the size of government itself, an eventual balanced budget--but NEVER get it no matter which party seizes power. Doesn't matter who is in, the debt increases, the size of government increases. People who have my concerns are never represented in the current system.

[@paulvarn4712]

One aspect of government control Trump is master at is REGULATION. He got government to let go of the US industry and let it carry on unmolested. He also cut back on ecologic control by returning ponds to the land owners and allowing drilling on public land. The result of all this has been explosive economic growth beyond anyone's speculation and for the first time in my life time (I'm 66 in Sept 2019) we are not only oil independent but are the the largest producer of fossil fuel energy in the world. While this does not reduce the government work force, or the cost of government, it rips government control from productive people. Accomplished in only two years is noteworthy. No one else in my lifetime (including Reagan) has come close. There is good reason given more time and less mud slinging, more like this can be done.

[@MarkWrightPsuedo]

@@paulvarn4712 Stating facts is not mud slinging. Is the debt going up or down? Any significant government scale backs? Out of the concerns I outlined--anyone doing anything about them? No. Are my concerns, and the concerns of those like me, being represented? No. How, pray tell, is that "mud slinging"? For my entire voting life, except for the Clinton era, the debt has gone in only one direction, up. When it all comes crashing down on our collective heads, when financial markets are in disarray, pensions destroyed, our money worthless, unemployment the norm, crime rampant, and bread scarce, remember this conversation.

[@blessedalcuin]

@@paulvarn4712 It's so cute that you consider government "workers" to be "productive".

[@1ireneaustin]

Excuse me please but I believe if you will check it.... That President Trump has reduced the Federal Registry of Regulations. By one third...... At least he has done that. When has any president rescinded and deleted regulation.? I believe what must be done is revolt against the federal reserve and central banking. All problems you are discussing could be remedied with sound money

[@MarkWrightPsuedo]

@@1ireneaustin The reduced regulations have done nothing to reduce the size of the national debt, which is what I was talking about, and what Hayek was talking about--deciding the allocation of resources. Your point is irrelevant to mine. I'm all for streamlining regulations, but my concern is the national debt. Unfortunately, it appears politicians simply will not tackle this problem. They don't seem to care about sound money.

[@howard1beale]

Fascinating. Thank you.

[@prakkari]

Wery educating. As a layman I would suggest that the term power should be replaced by capital or money simply said. Consolidation of wealth under the "free market" principles is consolidation of power. It is a snowball effect and capital will in the end rule and decide for everyone and kill free enterprise. So, central regulation or not is not a one size fits all. Deregulation neither. We should regulate up and deregulate down. Most of your nation now lives in serfdom; on foodstamps and goverment handouts etc. The middle class is wiped out, practicly after the last depression and the power (capital) moves incresingly more to the wealthy (powerful). There is nothing such as absolute freedom and lest of all free markets. Unchecked the the power will either lay with the goverment or the rich and powerful in the end. There is danger in for the masses in either ideology. Socialism and capitalism. In the "free world" the damage has been done. Capital controls goverment but not the other way around. "We the people" does not apply anymore. Democracy is but in name. The totalitarian state has just shifted from govermental to private. Either way it's a catastrophe for the common citizen.

[@kenzeier2943]

Just got my copy of this book today!!

[@madhusudan]

It's so refreshing to take in honest scholarship while in the midst of this Cultural Revolution.

[@schmetterling4477]

Where did you see scholarship here? I am not even asking for honesty. ;-)

[@madhusudan]

@@schmetterling4477 Sure, I'll oblige. He begins by explaining that until 1941 Hayek was a "technical economist", but his book Road to Serfdom marked change in focus to broader social concerns pf power dynamics. That's in the first 4 minutes - placing the book within the scope of the man's body of work. Is there some reason you would not consider that explanation an example of scholarship?

[@johnhorn6807]

Than you so much, I love Hayek’s book but your perspective was so good it has made me rethink what I learned. I realise now that Hayek was really restating Bastiat’s story of unforeseen consequences and applying it to the world as it was in 1940. The planners are still with us around the world trying to establish world government and they seem to be more powerful than ever because of their control of the media which is just a government propaganda machine. As Hayek said many ideas come from well meaning people, it is the unforeseen consequences which make their ideas dangerous for us all. If I have a dangerous idea then people can reject it and I fail but bad government ideas are a danger to us all.

[@johnhorn6807]

@gardener ben yes ad infinitum to the beginning of speech.

[@badxxxmonkey5541]

I saw Walter Williams speak at university. He talked a lot about how cheap china steel was So Good for America. Most of these modern academics only focus on the up side like they are selling you an mutual fund. Mostly, because they are.

[@chestnutmountainboys]

Thankful to have an Econ degree from UGA, Lawrence White and George Selgin!

[@markgrissom]

Outstanding

[@helicart]

What's more important is the role of credit...it is the most destructive force a nation can toy with.

[@dks13827]

Its all over... just when.

[@ravencole2740]

The problem with credit is simply the guarantees of govt utilizing taxpayer monies when a lenders risk is realized negatively. If you want to lend out money then you should be ready to lose it and face the consequences. It isn't up to taxpayers to cover your losses on a foolish proposition. It's pretty much unanimous sentiment in America that the big banks should have never been bailed out at taxpayer expense.

[@ronporter8785]

Revelation 11:18 The nations were enraged, and Your wrath has come. The time has come to judge the dead, and to reward Your servants, the prophets and saints, and those who fear Your name, both small and great, and to destroy those who destroy the earth."

[@warholcow]

Great video!

[@johnmc8159]

At 23.30, To be clear the UK had a Coalition government (not Labour) during the second world war.

[@davidwalker1793]

Having just watched this video again I am reminded how useful reading RTS would have been for all the government leaders during the COVID epidemic. And now that we are being threatened with further COVID outbreaks once again perhaps it should be on every government leader’s reading list today.

[@dr.floydmillen4736]

Hayek's influence on Margaret Thatcher was phenomenal. My book "Thatcherism Hayek & the Political Economics of the Conservative Party" looks at this

[@grahamcombs4752]

I took a course in economics in college. The professor was German. The text: ECONOMICS by Professor Paul Samuelson.

[@mnfowler1]

Yeah, me too.

[@PresidentGas1]

Just a hunch but I'm guessing this is a tough book to find on US university campuses these days.

[@shodanxx]

"Why the worst get on top" The ideology that makes any form of planning impossible by definition. Nice one, perfectly circular and cromulent.

[@SociallyTriggered]

Reading this book now

[@Rixoonify]

Will soon read !

[@ronporter8785]

Psalm 21:11 Though they intend You harm, the schemes they devise will not prevail.

[@shirleykurtz]

I hope this stops the WEF.

[@kimberlywiederhold627]

All of this sounds eerily familiar.

[@JRRodriguez-nu7po]

At the core is the dream of Nimrod, Platonic "Philosopher Kings" and their "Vision of the Anointed", the denial of Total Depravity. We are not Good at the core, and the worst will rise to the top. This is an ancient evil.

[@babaregi5934]

Being Good or Bad at the core is dependent on a value judgment . I think that what's just outside that core of Mankind is Fear. What is at our core is the Divine but we're afraid of the death of our limited self if we truly submit to who we really are at the core. There is such a thing as Grace and via Grace we can endure the fear somehow and feel Love of the Mystery more than the fear. Something more than mere Magic is driving all that is seen and unseen and Modern Science is starting to become aware of unfathomable paradoxes and other dimensions or apparent realities. Mere existence is an utter Mystery that our future Science may embrace and may view with a Spiritual understanding ultimately. IMO, this realm is a school that tests us.

[@soulfuzz368]

JR Rodriguez if you only see the hierarchy in acquiring materialistic things you will be doomed to a life of resentment.

[@JRRodriguez-nu7po]

@@soulfuzz368 Similarly, if you only seek the acquiring of knowledge or wisdom for your mind; you will also be doomed to a life of resentment and even worse (read Ecclesiastes). If you only seek the acquiring of spirituality, or of the giving of yourself to others, you will also be in for a horrible life; see 1 cor 13 or any Bhuddist or socialist country. Only 3 things remain, and in proper balance, are worth having: Faith, Hope and Love. As for me, I have only one thing, my Beloved. I am my Beloved's and my Beloved is mine. I have been homeless, and I am now rich. I have been physically ill, and now I am well. I have been so ignorant that the only thing I was certain of is "puteo, ergo sum", and now I am a retired professor of medicine and biochemistry with knowledge that on a human scale is impressive. I have been foolish, I have been wise. I have had such utter spiritual darkness that indeed the sounds of silence are an old friend. I have also at times been lifted so high that I could almost see eternity. I have had visions, I have dreamt dreams and none of that matters at all. Only One thing matters, my Beloved. I am my Beloved's, and my Beloved is mine. I am crying, again. I want to be His slave. I NEED to be His slave. Love is His banner over me, and I welcome my Conqueror to ravish me as He wills. I am happy because I do not care to be happy. The Epicurean paradox does not apply to me, neither the stoic ontological confusion; for I am a man in Love with a real Person Who whispers to my soul. I am lower than a serf. I am a willing slave; but not to the collective. Not to a Church, but to my Beloved. I feel pity for anyone who is not as me. My wife of 42 years, our 4 children, they are also His willing slaves and now the grandchildren are saying similar words.

[@soulfuzz368]

JR Rodriguez I like chocolate

[@JRRodriguez-nu7po]

@@soulfuzz368 As long as you don't put a strawberry in it, all is well.

[@futureinventor]

For fun I proposed an information showing an approximitaly cost of production for all goods as a price controlling device. What is wrong with letting people know what most can not be asked to know? Would we then pay astronomical over prices? I would not.

[@robertdages5392]

Good topic well done

[@SelfishNeuron]

Talk starts at 0:01:12

[@WhySoLoud]

Gee, central planning sounds just like Big Tech of silicon valley. And yes, the worst HAS risen to their top, too.

[@WhySoLoud]

@JRGJRG yup

[@bobleglob162]

To get to point where the people will vote for something requires that something to have some amount of government control. And it becomes just another small step towards total control.

[@shodanxx]

Minute 34:00 , that's what you need to know about Hayek, he was platformed by "the reader's digest" basically like the company "blinkist" where you get a small wiki-style summary of a book. The book was received as an economic self-help and Hayek became an anti-New Deal guru. That's how his particular views got spread around like gospel.

[@moodycxnt]

Yes, the liberals lost to Keynes, but eventually wealth concentrated enough to push Hayek and Friedman around the world.

[@mnfowler1]

A lot of good books got digested by Readers Digest. BTW Hayek wrote after the New Deal, originally wrote about Britain, and the scope of his book goes well beyond any one country's policies.

[@Oscarphone]

I like planning. I also think I should be the planner.

[@George-vf7ss]

With a Luger? 😁

[@Fluxion11]

Yep! Lol

[@letsgosurfing1786]

I think I should be the planner too.

[@DWHalse]

The Fed could use this video! Whole bunch of suits that have never had to make a payroll!

[@p.brooksmcginnis1749]

No More War

[@ronporter8785]

Psalm 65:7 You stilled the roaring of the seas, the pounding of their waves, and the tumult of the nations.

[@kerryaggen6346]

At about 56:00, the guy with the first question looks and sounds like Charlie Kirk of Turning Point, USA... Anybody know if it is him or not?

[@ronporter8785]

Psalm 83:2 See how Your enemies rage, how your foes have reared their heads.

[@TransRoofKorean]

I've never even heard of this guy, but I like Lawrence H White. Gotta find more of him. Clearly an absolutely top-tier lecturer. (The only one of his own jokes he laughed at is the one that was clearly unfunny. Rather unique guy, heh...)

[@derrickrhame4077]

Everything he said make since

[@Claud74able]

My Dad told about in the 1930 how the farmers actually had to plow small pigs under. True story!!

[@picklerix6162]

My mother always bought a subscription to the Reader’s Digest. I noticed that many articles were conservative leaning. I’m pretty sure that my mother voted for Democrats but I don’t remember my parents ever talking about politics. I’m not sure if my father ever voted but he was conservative and hated unions for some reason.

[@stephenarling1667]

It wasn't "Helmut" Schacht. It was Hjalmar Horace Greeley Schacht.

[@seankennedy4284]

Love to hear someone speak who's knowledgeable in both economic history and theory, and intellectual history.

[@PathfinderHistoryTravel]

Always remember, corporations don’t create concentration camps or gulags. Governments do.

[@dlittle800]

I’m all for freedom and being an entrepreneur - But what happens to all the pollution that results from all the stuff people buy and throw away in a consumer driven society? And what happens to the planet when no one wants to run a business dealing with that? For example, grocery businesses make more profit offering plastic bags to consumers, but the plastic bags are destroying the environment and our sources of food? Did plastic bags exist when Hayek wrote his book?

[@dlittle800]

What about other externalities, like Type-2 Diabetes?

[@rhight]

Was it Tugwell who came back from the Soviet Union saying "Why should the Russians have all the fun"? Economically, the theory is crazy. Politically, it allows the Tugwells of the world to gain control over other human beings' lives. That's the point.

[@toddhudson9521]

When reading the road to serfdom，I felt like all issues pointed out in the book are the reality of the world where I live in. 😢Wake me up from the illusion made by tyrants

[@GoodmanMIke59]

You said neither political party focused on scaling back the allocation of resources. Have the intervening 2 + years altered your view, particularly with regards to the reduction of regulations by Trump?

[@user-mp9rd4hg8b]

0:03 The way he pushes his glasses up says volumes....not that there's anything wrong with that...lol

[@bigg5582]

leave him alone..hes a lovely fella..lol

[@zipkeen8339]

Why reinvent the wheel people in sweden seem pretty happy. They seem to have found the medium between socialism and capitalism. I never hear much of a discussion around this idea.

[@whiff1962]

Walmart is presently selling one gallon jugs of whole and 2 percent milk at .67, and is this by way of govt. subsidization or free market forces, or a combination thereof?

[@jaimestephens3976]

@Jeannie Seibert Yes, this is what I was going to say. Not to mention, Walmart has such high volume of sales, I bet that they're even breaking even on the milk? Most likely it's a win win for them!!!

[@genli5603]

It’s a loss leader.

[@genli5603]

You don’t understand how write offs work. The grocery stores can’t write anything off from the donation bins. Those items were sold and the store gets the profit. You can only write off your costs, not your hopes for profit, when you have to get rid of something. And a write off isn’t magic money. It just reduces your profits so you pay less taxes. You can never get a dollar for dollar tax avoidance from a write off because you’re never taxed at 100% even. If my desk breaks and I have to buy a new one, and I’ve been forced to only deduct a portion of the value each year before then, I can deduct it’s residua value because it’s now worth nothing all at once. Tax write offs represent business losses. The only way to profit (actually make money) from them is to fake them-and that’s not a write off. That’s just fraud.

[@pechoja]

That is why we give cows injections of hormones to produce more milk, hormones by Monsanto decided and started overnight, when there was never any shortage. Poor cows udders so heavy their legs break, their calcium being depleted, and they have pus in the milk. Ever pour out a bit of milk and seen a chunk go into the bowl or the glass. It is puss. Infected udders. God did not make them to produce such ungodly amounts of milk Farmers felt they had to use it cause their competitors were and they wanted to stay in the market, but there was no shortage. Like fluoride, no need to ingest it, but forced on us. Girls developing earlier and menstruating earlier. Maybe that is the purpose for pedos.

[@jeffmiller3150]

We has arrived!!!

[@kamoans]

How are you 'free' to choose a job in a 'market economy,' in which jobs are sent to China, and you are asked (often) to train oversees workers who are to replace you? How are you better off, if instead of the government telling you where to work etc., you have corporate barons who do this for you? and when they mess up (2008), your tax money is used to bail them out... And, it is equally not the case that the most benevolent and smart people do not get on the top of the corporate ladder.... And :) -- add to this lobbyists pushing through the laws of 'free' market vs. 'consumers' who swallow whatever is put down their throats -- this is equally a 'road to serfdom.'

[@jasonhorst9154]

The art of complicating supply and demand

[@jameswarbrick9168]

the further left you go the bigger the plow you build for yourself

[@tommyodonovan3883]

Like religion....God created it and the devil organized it.

[@evanlowney4466]

"Renewing the Search for a Monetary Constitution." Think about it. Yep, between Orwell and Orwell. But Orwell involved no implicit advocacy.

[@mralmnthwyfemnin5783]

Trying to get a liberal to listen to this would be like flashing a cross in the face of Dracula !!!

[@henrikvendelbo1117]

Good talk. Although it bothers me when you say “it will work itself out” as if it’s a given. Marketing, demagoguery, etc isn’t dealt with by free market, so in the end most works itself out. Yet how can we say that there isn’t a large part that doesn’t because dumb ideas aren’t challenged. I.e. if you have a good education you will do well.

[@psikeyhackr6914]

Planned obsolescence replaced the Japanese and Germans blowing things up after the war. Of course economists ignore the depreciation of durable consumer junk and no one suggests mandatory accounting/finance in the schools. What is NDP, Net Domestic Product? Why is the depreciation of capital goods subtracted but not the depreciation of durable consumer goods? Can economists do algebra?

[@ronporter8785]

2 Kings 18:35 Who among all the gods of these lands has delivered his land from my hand? How then can the LORD deliver Jerusalem from my hand?"

[@wynstondim]

It's crazy how all this is playing out in Nigeria

[@tyqwdybijo]

Chijindu Oforjigha-Dim my brother, please help spread the word. Socialism / big government is our biggest problem in Nigeria

[@genli5603]

It’s bad enough when Sweden does it and slides half a dozen places in world income and creates no net jobs in 50 years. It’s far more disastrous when a developing country tries it. It’s cutting your own throat.

[@davidhalliday616]

@54:52 OH WOW!!!

[@annbrucepineda8093]

I would probably never have learned about Hayek if not for Dr. Thomas Sowell and I would probably never have heard about Dr. Thomas Sowell if I hadn’t learned about Candace Owens and I would probably never have heard about Candace Owens if she hadn’t been Ben Shapiro’s guest on his special Sunday Show, the only time when he lets his guest speak and he remains quiet. I doubt that I would have ever learned about Ben Shapiro, Andrew Klavan, Erick Metaxas, Dr. John Lennox, Dr. Glenn Loury, the Hoover Institution, Ayaa Hirsi Ali, her Scottish husband, Peter Robinson, Victor Davis Hanson, Dr. Stephen Myers, Dr. James Toure, or dozens of conservative intellectuals if it had not been for the plandemic. What some plan for evil is often used by God for our good, for the good of those who love and trust Him.

[@mathiass1999]

47:00 As a Dane I have to save this part for later.

[@binyamingurstein7543]

Hayek gives pretty clear understanding of his economic perception. But it is unclear about policies to care off toward low classes and it little bit lack of spirit of unity and humanity between people. Thank you for a Lection)

[@hansjurgenochsenfahrt6176]

at the end - hardcore austerity.... nothing else....

[@gotarmadillo]

Enjoying this BUT: over production was one major cause of the Great Depression and rather than simply let commerce take a loss, FDR got into planned economy, which was a big thing, at the time. That is, free market got us into the Depression and no Capitalist wanted to pay the price to get out. The NIRA was basically 'corporatism" as had actually been practiced in Europe sine 1250 A.D.-the Camarilla of Frederick of Prussia, Catherine of Russia, ect. Nothing new about it and it did work in some circumstances where only gov't or aristocracy had investment capital or could even read, for that matter (France, not until late 19th Century-Russia, not until Bolsheviks)-Also ignores Schlacht's clearing house system imposed under the Wiemar to get around Versailles restrictions on cash and gold. It was brilliant and did work. Hitler added re-armament which caused a lot of the shortages and more intervention than Schlacht intended. In fact, Schlacht resigned over the issue, fearing another "Hoch Inflation" which Hitler avoided, some say, by invasions. There was also First World War which had been caused by imperial, capitalist competition and there was a lot of thought about how to avoid a repeat and they were all "socialist" by that time, which had actually lost its original Marxist ideology before the First World War. Everybody was "socialist". The word really has no more meaning than "fascism" or even "Antisemitism" or "racism", for that matter. Today, we have "woke" anti-Democratic "socialist" CEOs ready to dispose of our Bill of Rights. Power is violence and money. Too much of one requires retaliation by the other to create a balance in which us peons can wiggle out free.

[@stripedcollar335]

Well said, Sir.

[@pootthatbak2578]

Ok im in. Probably just heard all i need to know about the book..i see now, the united states was heavily influenced by some of these ideas, and now we are letting the controlling whipmasters take over. Just ordered a copy..thanks hillsdale

[@Geezerelli]

Yuri Bezmenov warned us 40 years ago.