The Fatal Conceit: The Errors of Socialism

Nobel laureate F. A. Hayek gives the main arguments for the free-market case and presents his manifesto on the “errors of socialism.” Hayek argues that socialism has, from its origins, been mistaken on factual, and even on logical grounds and that its repeated failures in the many different practical applications of socialist ideas that this century has witnessed were the direct outcome of these errors. He labels as the “fatal conceit” the idea that “man is able to shape the world around him according to his wishes.” “The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed — then refutes it again.” - David R. Henderson, Fortune “An altogether amazing feat. . . . It fully supports the recent characterization of Hayek by the Economist that he is our time’s preeminent social philosopher.” - Peter F. Drucker, Insight “The Fatal Conceit is a wide-ranging work containing many profound insights about cultural evolution, morals, trade, neo-Malthusianism, and the benefits of the market order. . . . An important and original work in the classical liberal tradition.” - Lawrence J. Connin, American Political Science Review “A brilliant summary of his life’s work.” - Ronald Bailey, Forbes