Economic liberty is a cornerstone of a free society from "summary" of The Road to Serfdom by Friedrich August Hayek
The preservation of a free society depends fundamentally on the widespread recognition that economic liberty is an essential building block of such a society. It is through the exercise of economic freedom that individuals are able to make choices and decisions regarding their own lives, leading to a flourishing of creativity, innovation, and prosperity. When individuals are free to pursue their own interests and engage in voluntary transactions with others, the result is a spontaneous order that is far more effective and efficient than any centrally planned system could ever hope to be. The danger arises when governments begin to encroach upon the economic liberties of individuals in the name of achieving certain social or economic goals. This can take many forms, from excessive regulation and taxation to outright nationalization of industries. But regardless of the specific means, the end result is always the same: a diminishment of individual freedom and a corresponding increase in the power of the state. The road to serfdom begins with the erosion of economic liberty, as each encroachment on individual freedom paves the way for further encroachments in the future. Once the principle of economic freedom is abandoned, there is little to prevent the continued expansion of state power into every aspect of society. The end result is a society in which individuals are no longer free to make their own choices, but instead are subject to the whims of a central authority that claims to know what is best for them. It is therefore essential that we recognize the importance of economic liberty as a cornerstone of a free society, and remain vigilant in defending this principle against all attempts to undermine it. Only by preserving and protecting the economic freedoms of individuals can we hope to maintain a society in which freedom and prosperity can flourish.
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