The Fortunes of Liberalism

Essays on Austrian Economics and the Ideal of Freedom

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Autor(en)	Friedrich August von Hayek	Verlag	Liberty Fund, Inc.
Herausgeber	Peter G. Klein
Sachgebiet(e)	English Books, Österreichische Schule	ISBN	978-0-86597-741-9
2008, 296 Seiten, Broschur

In this collection of essays, some of which appear here in English for the first time, F. A. Hayek traces his intellectual roots to the Austrian School. The Fortunes of Liberalism: Essays on Austrian Economics and the Ideal of Freedom also links the Austrian School to the modern rebirth of classical liberal thought.

Source: Liberty Fund, Inc.

The Reagan and Thatcher "revolutions." The collapse of Eastern Europe dramatically captured in the tearing down of the Berlin Wall. F. A. Hayek, "grand old man of capitalism" and founder of the classical liberal, free-market revival, which ignited and inspired these world events, forcefully predicted their occurence in writings such as The Road to Serfdom, first published in 1944.

Hayek's well-known social and political philosophy - in particular his long-held pessimistic view of prospects of socialism, irrefutably vindicated by the collapse of the Eastern bloc - is fully grounded in the Austrian approach to economics.

In this collection, Hayek traces his intellectual roots to the Austrian school, the century-old tradition founded at the University of Vienna by Carl Menger, and links it to the modern rebirth of classical liberal or libertarian thought.

As Hayek reminds us, the cornerstone of modern economics - the theory of value and price - "represents a consistent continuation of the fundamental principles handed down by the Vienna school." Here, in this first modern collection of essays on the Austrian school by one of its preeminent figures, is the genesis of this tradition and its place in intellectual history.

Freedom, Hayek writes, survives only when people choose to learn the lessons of economic and social theory. Looking back to his university days, he recalls the enthusiastic belief "that nothing could contribute more to the cure of humanity's ills than to give people a better understanding of economics." Reflections on Hayek's days as a young economic theorist in Vienna, his opening address to the inaugural meeting of the Mont Pelerin Society, and essays on former teachers and other leading figures in the Austrian school all contribute to make this volume an invaluable source for Hayek scholars.

Included in The Fortunes of Liberalism are two memoirs, "The Economics of the 1920s as Seen from Vienna", published here for the first time, and "The Rediscovery of Freedom: Personal Recollections", available for the first time in English.

One of our preeminent philosophers and social theorists, Hayek provides an invaluable education in a subjet that is nothing less than the development of the modern world.

Source: back cover text

Table of Content:

Editorial Foreword

Introduction 

PART I.  THE AUSTRIAN SCHOOL OF ECONOMICS

Prologue          

The Economics of the 1920s as Seen from Vienna
Addenda:  John Bates Clark (1847–1938)
Wesley Clair Mitchell (1874–1948) 

1. The Austrian School of Economics 
Addendum:  In Britain and the United States

2. Carl Menger (1840–1921)
Addendum:  The Place of Menger’s Grundsätze in the History of Economic Thought

3. Friedrich von Wieser (1851–1926)

4. Ludwig von Mises (1881–1973)

5. Joseph Schumpeter (1883–1950)

6. Ewald Schams (1899–1955) and Richard von Strigl (1891–1942)
Addendum:  Strigl’s Theory of Wages 

7. Ernst Mach (1838–1916) and the Social Sciences in Vienna 

Coda: Remembering My Cousin Ludwig Wittgenstein (1889–1951) 

PART II.  THE FORTUNES OF LIBERALISM

Prologue         

The Rediscovery of Freedom:  Personal Recollections 
Addenda:  Tribute to Röpke 
Röpke’s Theory of Capital Formation 
Hallowell on the Decline of Liberalism as an Ideology 

8. Historians and the Future of Europe

9. The Actonian Revival:  On Lord Acton (1834–1902)

10. Is There a German Nation? 

11.  A Plan for the Future of Germany
Addendum:  The Future of Austria

12. Opening Address to a Conference at Mont Pèlerin

13. The Tragedy of Organised Humanity:  de Jouvenel on Power 

14. Bruno Leoni (1913–1967) and Leonard Read (1898–1983)

Editor’s Acknowledgements

Chronological List of Contents

Index