ȃǿȅ Partʺʺ: Politics and PhilosophyHayek (ȀȈȆȂ/ȀȈȆȈ) has recognized such dangers and has recommended
political reforms. Already inĻe Road to Serfdomhe anticipated his later
and fuller diagnoses of flaws in the political system. He explained the
nature of democracy and why one should not make a fetish of it (pp.Ȇǿ–ȆȀ),
the impossibility of working out a coherent economic plan democrati-
cally (pp.ȅȀ–ȅȇ), and why planning is incompatible with the rule of law
(pp.Ȇȁ–ȇȆ).
Will we still blunder into socialism and totalitarianism through the
back door—through exploitation of government power by special-interest
groups run amok, overburdening of government, rigidification of the econ-
omy, inflation and stagflation and misconceived measures against them,
slowdown of productivity growth, and, in general, a botch from which
demagogues and power-seekers can make hay? Our chief hope is that we
will combine and absorb the teachings of F.A. Hayek and of the public-
choice school, led by James Buchanan, and put them into practice before
the opportunity runs out.
ŞőŒőŞőŚŏőş
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