A classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and general readers for half a century. Originally published in England in the spring of 1944 - when the Labour party ruled in Britain, Eleanor Roosevelt supported the efforts of Stalin, and Albert Einstein subscribed to the socialist program - The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production. For F.A. Hayek, the collectivist idea of empowering government with increasing economic control would inevitably lead not to a utopia but to the horrors of Nazi Germany and Fascist Italy.

After thirty-two printings in the United States, The Road to Serfdom has established itself alongside the works of de Tocqueville, Mill, and Orwell for its timeless meditation on the relation between individual liberty and government authority. This fiftieth anniversary edition, with a new introduction by Milton Friedman, commemorates the enduring influence of The Road to Serfdom on the ever-changing political and social climates of the twentieth century - from the rise of socialism after World War II to the Reagan and Thatcher "revolutions" in the 1980s and the transitions in Eastern Europe from communism to capitalism in the 1990s.