New Enlightenment Hayek, Industrial Policy and the Resurgence of Mercantilism with Samuel Gregg
In this conversation, Adam Dixon and Samuel Gregg delve into the life and influence of Friedrich Hayek, a pivotal figure in classical liberal thought. They explore Hayek's multifaceted approach to economics and politics, his critiques of collectivism, and the contemporary misinterpretations of his ideas as far-right. The discussion also touches on Hayek's vision for a balanced state that plays a crucial role in society while allowing markets to function effectively. They delve into the resurgence of neo-mercantilism, and the implications of industrial policy in the context of national security. The discussion highlights the complexities of modern economic arrangements and the challenges posed by state capitalism and corporatism.
Takeaways
- Hayek is considered the most influential classical liberal of the 20th century.
- His work is often mischaracterised as anti-democratic or far-right.
- Economic globalisation has led to both wealth and disruption.
- Hayek was critical of economic nationalism and populism.
- He emphasised the importance of civil society alongside market and state functions.
- Hayek's critiques of collectivism stem from historical perspectives on enlightenment thought.
- His ideas remain relevant in discussions about modern economic policy.
- The labelling of thinkers like Hayek as far-right is often a misunderstanding of their broader views.
- Hayek's views are often misrepresented as solely market driven.
- Today's global economy reflects a resurgence of mercantilism.
- China exemplifies a neo-mercantilist approach to capitalism.
- National security concerns can blur the lines of acceptable industrial policy.
- Hayek emphasised the importance of long-term economic thinking.
Adam Smith's Panmure House:
Adam Dixon:
Samuel Gregg:
https://aier.org/author/samuel-gregg/