Friedrich Hayek Quotes
Socialism can only be put into practice only by methods which most socialists disapprove.
Hayek, Friedrich A. The Road to Serfdom. University of Chicago Press, 1944, p. 137.
Despite the fact that many conservatives labeled him a Communist, he not only saw them as different but was very critical of the failure as he saw it of Russian Communism. See {626693} .
1st Viscount Snowden. Nationalization is when a nation or state determines that certain industries of areas of the economy should be reserved for the government to operate. Private companies, if they have been operating a nationalized industry losse their rights to continue in that business and may even lose their physica assets in which case th form is supposed to be paid a fair price. In 21st century America we have very few nationalized industries. One of these is the manufacture of nuclear weapons. Communist counties have many if not most of the economy nationalized. From the 19th century socialism has evolved from a belief that most people will best be served by nationalization of most of th major economic functions. However, over time this did not meet Socialism’s other objectives and nationalism became less popular with socialists. Snowden, a leading socialist, wanted to get rid of the concept entirely, and today there are very few situations where there are calls for nationalis. Even the few remaining communist nations are privatizing (the opposite of nationalizing) some of their economy.
Friedrich August von Hayek CH FBA, often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher who is best known for his defence of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and [...] penetrating analysis of the interdependence of economic, social and institutional phenomena". His account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics, leading to his Nobel Prize.
