F. A. Hayek's classic had for years been on my mind but not until this week did I get my hands on his classic economic and philosophical support for individualism and classic liberalism.
"Freedom to order our own conduct in the sphere where material circumstances force a choice upon us, and responsibility for the arrangement of our own life according to our own conscience, is the air in which moral values are daily re-created in the free decision of the individual. Responsibility, not to a superior, but to one’s conscience, the awareness of a duty not exacted by compulsion, the necessity to decide which of the things on values are to be sacrificed to others, and to bear the consequences of one’s own decision, are the very essence of any morals which deserve the name."
- F.A. Hayek, The Road to Serfdom
The historical context draws immediate reference with Keynes' post WW 2 economic development ideology. The comparison between the theories of Hayek and Keynes can be viewed from the perspective of decentralized autonomy versus centralized formal planning. This book was all about Hayek's vision for a post war economy with maximum individual discretion in their sphere of commerce. As opposed to collectivist ideologies and political factions which vastly preferred coordinating the resources of the State in the affairs of individuals.
So what is the crypto road to serfdom? Where are the hidden risks in the system? Tether? Centralized Exchanges?