How Hayek bred a race of elitemonsters

Though he's been dead for more than 20 years, Friedrich Hayek is the darling of the free market, practically a saint. But as Bill Black explains, Hayek's predictions -- used to justify and glorify unlimited enrichment of the ruling class -- never came true, and the states that followed his prescriptions most closely ended up the barbaric situation that he warned about in re-distributive democracies.

As the gap between the rich and the poor widens, as the proportion of GDP that goes to "guard labor" in our militarized police forces and our bulging private prisons, as the most corrupt captains of industry grow richer while the rest of us are faced with an old age in poverty -- and a working life dominated by caring for our own sick and elderly relations -- it's worth reviewing Hayek's record, and the greedy, selfish, corrupt world it produced. Read the rest