Yet, most people miss the nuanced key message of Hayek. The subsequent fall of the Soviet Union was a vindication of his dire warnings about collectivism. The Ronald Reagan and Margaret Thatcher revolutions were supposed to have been inspired by the ideas of Hayek. Hayek, probably horrified by rampant misreadings and the selective or mischievous quoting of his book, wrote Why I Am Not a Conservative in 1960, as if to distance himself from his ardent admirers. Even George Orwell approved of the book’s main thesis. Yet, he found himself to be mostly in agreement with Hayek’s liberal ideas. Keynes’s ideas have proven influential to this day.
John Maynard Keynes had published The End of Laissez Faire in sharp contrast to the thinking of classical liberals.
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