The Road to Serfdom

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   When a single government tries to plan every detail of the economy, it risks gathering so much power that ordinary people's freedom shrinks step by step.

   The Road to Serfdom · 1944

   Central economic planning concentrates power and gradually erodes individual liberty.

   Hayek compared a planned economy to a classroom where one student decides everything for the rest — what they eat, read, or do. It looks organized at first, but that one student cannot know what everyone else knows together. Hayek feared this excessive control gradually leads to a loss of freedom.

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