First published by the University of Chicago Press on September 18, 1944, The Road to Serfdom garnered immediate, widespread attention. The first printing of 2,000 copies was exhausted instantly, and within six months more than 30,000 books were sold. In April 1945, Reader's Digest published a condensed version of the book, and soon thereafter the Book-of-the-Month Club distributed this edition to more than 600,000 readers. A perennial best seller, the book has sold 400,000 copies in the United States alone and has been translated into more than twenty languages, along the way becoming one of the most important and influential books of the century.

With this new edition, The Road to Serfdom takes its place in the series The Collected Works of F. A. Hayek. The volume includes a foreword by series editor and leading Hayek scholar Bruce Caldwell explaining the book's origins and publishing history and assessing common misinterpretations of Hayek's thought. Caldwell has also standardized and corrected Hayek's references and added helpful new explanatory notes. Supplemented with an appendix of related materials ranging from prepublication reports on the initial manuscript to forewords to earlier editions by John Chamberlain, Milton Friedman, and Hayek himself, this new edition of The Road to Serfdom will be the definitive version of Hayek's enduring masterwork.

From the $700 billion bailout of the banking industry to president Barack Obama's $787 billion stimulus package to the highly controversial passage of federal health-care reform, conservatives and concerned citizens alike have grown increasingly fearful of big government. Enter Nobel Prize-winning economist and political theorist F. A. Hayek, whose passionate warning against empowering states with greater economic control, The Road to Serfdom, became an overnight sensation last summer when it was endorsed by Glenn Beck. The book has since sold over 150,000 copies.

The latest entry in the University of Chicago Press's series of newly edited editions of Hayek's works, The Constitution of Liberty is, like Serfdom, just as relevant to our present moment. The book is considered Hayek's classic statement on the ideals of freedom and liberty, ideals that he believes have guided--and must continue to guide--the growth of Western civilization. Here Hayek defends the principles of a free society, casting a skeptical eye on the growth of the welfare state and examining the challenges to freedom posed by an ever expanding government--as well as its corrosive effect on the creation, preservation, and utilization of knowledge. In opposition to those who call for the state to play a greater role in society, Hayek puts forward a nuanced argument for prudence. Guided by this quality, he elegantly demonstrates that a free market system in a democratic polity--under the rule of law and with strong constitutional protections of individual rights--represents the best chance for the continuing existence of liberty.

Striking a balance between skepticism and hope, Hayek's profound insights are timelier and more welcome than ever before. This definitive edition of The Constitution of Liberty will give a new generation the opportunity to learn from his enduring wisdom.

The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed--then refutes it again.--David R. Henderson, Fortune.

Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive.--Edward H. Crane, Wall Street Journal

F. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher revolutions.

F. A. Hayek never published the grand project he conceived in a letter to Fritz Machlup in 1939. As described in the introduction, this work would incorporate intellectual history, methodology, and an analysis of social problems, all aimed at shedding light on the consequences of socialism. He told Machlup that a series of case studies should come first, . . . leading to the fundamental scientific principles of economic policy and ultimately to the consequences of socialism, and the work would form the basis of a systematic intellectual historical investigation of the fundamental principles of the social development of the last hundred years. (Introduction, p. 1)

Studies on the Abuse and Decline of Reason collects the essays that were to be the foundation of that work. The essay Individualism: True and False was written as the introduction to the work. Scientism and the Study of Society provides the case studies, followed by two essays of intellectual history: The Counter-Revolution of Science (his study of the history of scientism in France) and Comte and Hegel.

Hayek did publish all the works found in this volume, but they had never been gathered in a single work as he originally conceived. Editor Bruce Caldwell has provided translations where they were absent and has revised and corrected the text, and his introduction tells the story of Hayek's greatest unfinished piece of work.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Bruce Caldwell is Research Professor of Economics and the Director of the Center for the History of Political Economy at Duke University. He is the current general editor of The Collected Works of F. A. Hayek.

In the years following its publication, F. A. Hayek's pioneering work on business cycles was regarded as an important challenge to what later became known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek's thoughts on the repercussions of excessive central bank interventions.

Business Cycles, Part I and Business Cycles, Part II bring together Hayek's work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Part I contains his two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Part II assembles twelve of his shorter papers on the topic, covering a period from the 1920s to 1981 and revealing the evolution of Hayek's thought.

In addition to bringing together Hayek's work on business cycles, these two volumes also include extensive introductions by Hansjoerg Klausinger, placing the writings in intellectual context, including their reception and the theoretical debates to which they contributed.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Hansjoerg Klausinger is Associate Professor in the Department of Economics at WU, Vienna University of Economics and Business.

In this collection of essays, some of which appear here in English for the first time, F. A. Hayek traces his intellectual roots to the Austrian School. The Fortunes of Liberalism: Essays on Austrian Economics and the Ideal of Freedom also links the Austrian School to the modern rebirth of classical liberal thought.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Peter G. Klein is Associate Professor in the Division of Applied Social Sciences at the University of Missouri and Associate Director of the Contracting and Organizations Research Institute. He is also Adjunct Professor at the Olin School of Business.

First published in 1941, The Pure Theory of Capital has long been overlooked. This volume offers a detailed account of the equilibrium relationships between inputs and outputs in a time-filled economy. Hayek's stated objective was to make capital theory--which had previously been devoted almost entirely to the explanation of interest rates--useful for the analysis of the monetary phenomena of the real world. His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into business cycle theory. Hayek's manifesto of capital theory is now available again for today's students and economists to discover.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Lawrence H. White is Professor of Economics at George Mason University.

The Sensory Order, first published in 1952, sets forth Hayek's classic theory of mind in which he describes the mental mechanism that classifies perceptions that cannot be accounted for by physical laws. Editor Viktor Vanberg writes in the introduction that The Sensory Order provides an essential foundation of [Hayek's] comprehensive social theory, covering economics, law, politics, and philosophy (emphasis in the original).

In The Trend of Economic Thinking Hayek presents many of the figures that influenced the development of his economic thought. The articles range from well-known economists such as Mandeville, Hume, Smith, and Bastiat, to lesser-known figures such as Dupuit and Gossen, showing the breadth of Hayek's study of the history of economic thought.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

W. W. Bartley, III (1934-1990) was a Professor of Philosophy and a Senior Research Fellow at Stanford University and an author.

The Road to Serfdom remains one of the all-time classics of twentieth-century intellectual thought. For over half a century, it has inspired politicians and thinkers around the world, and has had a crucial impact on our political and cultural history. With trademark brilliance, Hayek argues convincingly that, while socialist ideals may be tempting, they cannot be accomplished except by means that few would approve of. Addressing economics, fascism, history, socialism and the Holocaust, Hayek unwraps the trappings of socialist ideology. He reveals to the world that little can result from such ideas except oppression and tyranny. Today, more than fifty years on, Hayek's warnings are just as valid as when The Road to Serfdom was first published.

In the years following its publication, F. A. Hayek's pioneering work on business cycles was regarded as an important challenge to what later became known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek's thoughts on the repercussions of excessive central bank interventions.

Business Cycles, Part I and Business Cycles, Part II bring together Hayek's work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Part I contains his two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Part II assembles twelve of his shorter papers on the topic, covering a period from the 1920s to 1981 and revealing the evolution of Hayek's thought.

In addition to bringing together Hayek's work on business cycles, these two volumes also include extensive introductions by Hansjoerg Klausinger, placing the writings in intellectual context, including their reception and the theoretical debates to which they contributed.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Hansjoerg Klausinger is Associate Professor in the Department of Economics at WU, Vienna University of Economics and Business.

F. A. Hayek, recipient of the Medal of Freedom in 1991 and winner of the Nobel Memorial Prize in Economics in 1974, taught at the University of Chicago, the University of London, and the University of Freiburg. Among his other works published by the University of Chicago Press is The Road to Serfdom, now available in a special fiftieth anniversary edition.

Hayek's deep interest in the concept of money and its role within the economy is developed in Good Money, Part I. Consisting of seven of Hayek's most significant monetary writings from the 1920s, this collection focuses on his critique of the idea that price stabilization is consistent with the stabilization of foreign exchange.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Stephen Kresge was the general editor of The Collected Works of F. A. Hayek until his retirement in 2002.

Produced throughout the first fifteen years of Hayek's career, the writings collected in Capital and Interest see Hayek

elaborate on and extend his landmark lectures that were published as Prices and Production and work toward the

technically sophisticated line of thought seen in his later Pure Theory of Capital.

Illuminating the development of Hayek's detailed contributions to capital and interest theory, the collection also sheds

light on how Hayek's work related to other influential economists of the time. Highlights include the 1936 article The

Mythology of Capital--presented here alongside Frank Knight's criticisms of the Austrian theory of capital that

prompted it--and The Maintenance of Capital, with subsequent comments by the English economist A. C. Pigou.

These and other familiar works are accompanied by lesser-known articles and lectures, including a lecture on

technological progress and excess capacity. An introduction by the book's editor, leading Hayek scholar Lawrence H.

White, places Hayek's contributions in careful historical context, with ample footnotes and citations for further

reading.

These three volumes constitute a scaling up of the framework offered in Hayek's famed The Road to Serfdom. Volume 1, Rules and Order, espouses the virtues of classical liberalism; Volume 2, The Mirage of Social Justice, examines the societal forces that undermine liberalism and, with it, liberalism's capacity to induce spontaneous order; and Volume 3, The Political Order of a Free People, proposes alternatives and interventions against emerging anti-liberal movements, including a rule of law that resides in stasis with personal freedom.

Shearmur's treatment of this challenging work--including an immersive new introduction, a conversion of Hayek's copious endnotes to footnotes, corrections to Hayek's references and quotations, and the provision of translations to material that Hayek cited only in languages other than English--lends it new importance and accessibility. Rendered anew for the next generations of scholars, this revision of Hayek's Law, Legislation, and Liberty is sure to become the standard.

Contra Keynes and Cambridge is composed of three parts: Part I consists of two essays, the first being a recollection by Hayek of his time at the London School of Economics in the 1930s, followed by his contribution to an early debate about the paradox of saving; Part II reprints the full debates between Hayek and Keynes in Economica in the early 1930s, and Hayek's exchanges with Sraffa that followed; Part III includes some of Hayek's reminiscences on Keynes. F. A. Hayek challenged one of the world's leading economists, John Maynard Keynes, and his economic theories, which sparked a spirited debate that has influenced economic policy in democratic countries for decades.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Bruce Caldwell is Research Professor of Economics and the Director of the Center for the History of Political Economy at Duke University. He is the current general editor of The Collected Works of F. A. Hayek.

In the essays in this volume Hayek contributed to economic knowledge in the context of socialism and war, while providing an intellectual defense of a free society. The connection between the two topics is illuminated through essays containing some of Hayek's contributions to the socialist-calculation debate, writings pertaining to war, and the cult of scientific economic planning from the late 1930s and 1940s.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Bruce Caldwell is Research Professor of Economics and the Director of the Center for the History of Political Economy at Duke University. He is the current general editor of The Collected Works of F. A. Hayek.

This complementary volume provides five additional essays to expand our understanding of Hayek's ideas about money and monetary policy. Good Money, Part II: The Standard investigates the consequences of the predicament of composition which led to one of Hayek's most controversial proposals: that governments should be denied a monopoly on the coining of money.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

This volume gives readers insight into F. A. Hayek's life and ideas. This detailed chronology depicts Hayek's early life and education, his intellectual progress, and the academic and public reception of his ideas through a series of oral history interviews. Hayek's own autobiographical notes are included.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Stephen Kresge was the general editor of The Collected Works of F. A. Hayek until his retirement in 2002.

Leif Wenar is Chair of Ethics at King's College London.