The ForTunes oF LiberaLism

f. a. hayek

The CoLLeCTed Works oF

F. a. hayek

The ForTunes oF LiberaLism

essays on austrian economics and the ideal of Freedom

F. a. hayekEdited by Peter G. Klein

Liberty Fundindianapolis

This book is published by Liberty Fund, inc., a foundation established to encourage study of the ideal of a society of free and responsible individuals.

The cuneiform inscription that serves as our logo and as the design motif for our endpapers is the earliest-known written appearance of the word “freedom”

(amagi), or “liberty.” it is taken from a clay document written about 2300 b.C. in the sumerian city-state of Lagash.

The Fortunes of Liberalism is volume 4 of The Collected Works of F. a. hayek, published by The university of Chicago Press.

This Liberty Fund paperback edition of The Fortunes of Liberalism is published by arrangement with The university of Chicago Press and Taylor & Francis books,

Ltd., a member of the Taylor & Francis Group.

© 1992 by F. a. hayek© 1992 introduction and editorial notes by Peter G. klein

Frontispiece: Friedrich hayek © bettmann/CorbisCover photo: Friedrich august von hayek © hulton-deutsch Collection/Corbis

all rights reservedPrinted in the united states of america

P 1 2 3 4 5 6 7 8 9 10

Library of Congress Cataloging-in-Publication data

hayek, Friedrich a. von (Friedrich august), 1899–1992.The fortunes of liberalism: essays on austrian economics and the ideal of

freedom/F. a. hayek; edited by Peter G. klein.—Liberty Fund paperback ed.p. cm.—(The collected works of F. a. hayek; v. 4)

“The Fortunes of Liberalism is volume 4 of The Collected Works of F. a. hayek, published by The university of Chicago Press.”includes bibliographical references and index.

isbn 978-0-86597-741-9 (pbk.: alk. paper)1. austrian school of economics. 2. Free enterprise.

3. Liberalism. 4. economics. 5. social sciences. i. klein, Peter G. ii. Title.

hb98.h395 2008330.15'7—dc22 2008028379

Liberty Fund, inc.8335 allison Pointe Trail, suite 300indianapolis, indiana 46250-1684

This book is printed on paper that is acid-free and meets the requirements of the american national standard for Permanence of Paper for Printed Library

materials, Z39.48-1992. ∞

Cover design by erin kirk new, Watkinsville, GeorgiaPrinted and bound by Thomson-shore, inc., dexter, michigan