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Friedrich Hayek: The ideas and influence of the libertarian economist by Eamonn Butler

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Hayek and His Influence

“In the 1980s, Hayekian sentiments were translated into policy by Ronald Reagan in the United States and Margaret Thatcher in Britain. Markets were opened up to competition, Keynesian policy was abandoned, the State started to divest itself of loss-making public industries, efforts . . . were made to trim welfare budgets. The worldwide character of this reversal only became fully apparent with the collapse of Communism between 1989 and 1991. Hayek lived to see it all. In old age, he became the dominant intellectual influence of the last quarter of the twentieth century.”

– Keynes’ biographer Lord (Robert) Skidelsky, Times Literary Supplement, 1996

Hayek’s place in the history of ideas

For most of the half-century ...

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