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Hayek's The Road to Serfdom

In Our Time: Philosophy

CHAPTER

The Shift from Socialism to the Welfare State: Market Coordination and Central Planning

This chapter examines the transition from socialism to a welfare state in the mid-20th century, emphasizing the role of market systems in effective resource distribution. It critiques centrally planned economies, using Soviet five-year plans as a key example of their inefficiencies due to insufficient local knowledge.

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