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 diminishme...
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