Hayek: A Collaborative Biography: Part VI Good Dictators, by Robert Leeson (eds.)

By Robert Leeson (eds.)

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50 With understatement, Stephen Kresge (1994, 29) noted that Hayek ‘never felt entirely at home in Chicago’. In 1962, Hayek (1978) retired from the University of Chicago and returned to Europe: I believe that in a way the thing on which I have now been working for seventeen years, which I have now at last finished – Law, Legislation and Liberty [1973–1979] – is probably a much more original contribution to the thing. 51 Hayek (1978) reflected: And anything or anybody which will help the politician be elected is by definition a good purpose.

The objective of every enterpriser-whether businessman or farmer-is to make profit. The capitalists, the enterprisers, and the farmers are instrumental in the conduct of economic affairs. They are at the helm and steer the ship. But they are not free to shape its course. They are not supreme, they are steersmen only, bound to obey unconditionally the captain’s orders. The captain is the consumer. Invoking a phrase usually reserved for prostitutes, Mises (1960 [1948], 55) referred to the camp-followers of Lord Keynes [who were] imitating their idol’s own procedures.

The national humiliation caused by the Opium Wars, combined with aggression from the Empire of Japan (1937–1945), facilitated the Maoist seizure of power (1949). Between the Great Chinese famine (caused by the Great Leap Forward, 1958–1961) and the revival of Mao’s power (the Cultural Revolution, 1966–1976), market forces were used more productively. After 1978, China resumed Admiral Zheng He’s legacy through export-led industrialization. For reasons that are inexplicable from a Machiavellian geopolitical perspective, American ‘tear down this wall’ foreign policy facilitated the economic and military catch-up of two (at the time of writing) cooperating super-powers: communist China and the Russia of the Oligarchs.

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