Hayek, one of the key thinkers of the twentieth century, has also been much misunderstood. His work has crossed disciplines—economics, philosophy, and political science—as well as national boundaries. He was an early critic of Keynes and became famous in the 1940s for his warnings that the advance of collectivism in Western democracies was the road to serfdom. He was a key figure in the post-war revival of free market liberalism and achieved renewed notoriety and some political influence in the 1970s (...) and 1980s as one of the chief intellectual inspirations for the New Right in Britain and the United States.This book traces Hayek’s intellectual formation in Austrian economics and English liberalism. It analyzes the main themes of his thought such as the idea of market order, the nature of knowledge, the limits of government, and his critiques of socialism and conservatism; assesses the originality and internal coherence of his account of liberalism and modernity; and explores as his interventions in policy debates. Gamble argues that Hayek the social scientist must be disentangled from Hayek the ideologue before you can appreciate the importance and implications of some of his insights into the nature of modern societies.An excellent critical guide to one of the most influential thinkers of our times, this book will be of interest to students in politics, economics, and philosophy, as well as to all those interested in a comprehensive introduction to one of the most controversial thinkers of the twentieth century. (shrink)

In Development as Freedom Amartya Sen explains how in a world of unprecedented increase in overall opulence millions of people living in the Third World are still unfree. Even if they are not technically slaves, they are denied elementary freedoms and remain imprisoned in one way or another byeconomic poverty, social deprivation, political tyranny or cultural authoritarianism. The main purpose of development is to spread freedom and its 'thousand charms' to the unfree citizens. Freedom, Sen persuasively argues, is at once (...) the ultimate goal of social and economic arrangements and the most efficient means of realizing general welfare. Social institutions like markets, political parties, legislatures, the judiciary, and the media contribute to development by enhancingindividual freedom and are in turn sustained by social values. Values, institutions, development, and freedom are all closely interrelated, and Sen links them together in an elegant analytical framework. By asking 'What is the relation between our collective economic wealth and our individualability to live as we would like?' and by incorporating individual freedom as a social commitment into his analysis Sen allows economics once again, as it did in the time of Adam Smith, to address the social basis of individual well-being and freedom. (shrink)

Hayek's political theory is directed against coercion, which he defines as the intentional control of one person by another. The element of personal intention ensures a clear conceptual distinction between the freedom from coercion—i.e., the “liberty”—that is exercised in the private sphere, and the freedom of choice and opportunity that may be severely constrained by the impersonal, unintentional operation of market forces. Hayek's narrow definitions of coercion and liberty therefore suggest that he was more intent on defending the benefits conferred (...) on us by market forces than on affirming any value intrinsic in freedom—a suggestion confirmed by his lack of interest in species of freedom, such as autonomy, that might conceivably be fostered by state coercion. Hayek's consequentialist defense of liberty, however, was grounded in economic doctrines such as his own view that prices served a vital epistemic function. Given his strictures against the ignorance of modern electorates, Hayek was driven to propose extravagant limits on democracy and to embrace traditionalism; a different Hayekianism might limit inequalities of wealth and encourage the ability to learn from experimentation. (shrink)

Asset egalitarianism is a new agenda but an old idea. At its root is the notion that every citizen should be able to have an individual property stake, and it has recently been revived in Britain and in the U.S. in a number of proposals aimed at countering the huge and growing inequality in the distribution of assets. Such asset egalitarianism is fed from many streams; it has a long history in civic republican thought, beginning with Thomas Paine and Thomas (...) Jefferson, but has also featured in the distributist theories of G.K. Chesterton and Hilaire Belloc; the guild socialism of G.D.H. Cole and the ethical socialism of R.H. Tawney; the market liberalism of the Ordo Liberals and some of the Austrian School, particularly F.A. Hayek; and more recently the market socialism of James Meade, A.B. Atkinson and Julian Le Grand, and the market egalitarianism of Michael Sherraden, Samuel Bowles, Herbert Gintis, Richard Freeman and Bruce Ackerman. There are also important links to the proponents of a citizens' income as a different approach to the welfare state (White 2002) as well as to the ideas of stakeholding (Dowding et al. 2003). (shrink)

One core strand in the revival of free market doctrines in the second half of the twentieth century has been economic libertarianism, noted for the priority it gives to the economy and to economic reasoning about politics and public affairs. This chapter traces the evolution of economic libertarianism, from the Ordo-Liberal critique of collectivism and totalitarianism, to the neoliberal critique of social democracy and the welfare state. It explores the diversity of the ideas and policies associated with economic libertarianism, and (...) its relationship with Conservatism. This is traced through discourses on the state, democracy, knowledge, and culture, which reveal the strengths as well as some of the dilemmas and weaknesses of this influential form of political economy. (shrink)

Politics frames everything we do. Right now humanity is in a race against itself, adjusting to new technologies that are destabilizing democracy and creating massive inequalities. By thinking and acting politically, Gamble argues, we can harness the imagination and enthusiasm of people everywhere to tackle these challenges and shape a better world.

This lecture explores the limits of politics in three senses: as a subject of study at Cambridge, as an academic discipline, and as a practical activity.