The Fatal Conceit

The collapse of the Soviet Union, the success of China's gradual economic liberalization, and the rise of market-based systems from South America to Eastern Europe have all helped to discredit socialist theories. Yet Hayek (coauthor of The Road to Serfdom) explains that there is one left in its wake: confusion about what constitutes a free society. He reminds readers that socialism has always been a utopian idea—and if we listen to it, we will hear its fatal conceit: "In the plan or desire of some men there is a belief that they know best." But Hayek tells us why human irrationality is justified and must be accepted as such if we are to build a free society.