THE SOCIALISTS’ HYPOTHESES AND THE ROAD TO SERFDOM

Gabriel F. Benzecry, Nicholas Jensen and Daniel J. Smith

Journal of the History of Economic Thought, 2025, vol. 47, issue 3, 291-316

Abstract: This paper examines the writings of socialist scholars who played a pivotal role in shaping Friedrich Hayek’s perspective in The Road to Serfdom, including William Beveridge, Stuart Chase, Henry Dickinson, Hugh Dalton, Evan Durbin, Oskar Lange, Harold Laski, Abba Lerner, Barbara Wootton, and the contributing authors in Findlay MacKenzie’s Planned Society (1937). Many of these socialist thinkers held two main hypotheses. First, industrial concentration was inevitable under capitalism. Second, they argued, government ownership or control of key economic sectors was necessary to protect democracy from industrial consolidation in the capitalist system and to reduce political opposition to complete state ownership or control over the means of production. Despite sharing Hayek’s concern for socialism’s potential erosion of democratic freedoms, these socialist hypotheses have received much less scholarly attention than Hayek’s The Road to Serfdom. We conclude that Hayek formalized socialist scholars’ fears and developed a well-defined hypothesis that central planning could threaten democratic freedoms.

Date: 2025
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