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Friedrich Hayek's fleeting foray into 1940s colonial development

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  • Chris Grocott

Abstract

Herein we examine recommendations made in 1944 by Friedrich Hayek for the Government of Gibraltar, regarding Gibraltar's future economic prospects. In keeping with Hayek's ideas in The Road to Serfdom, he proposed reducing state-led economic planning in Gibraltar alongside proposals to lift restrictions upon the operation of a free market in rents and labour. Hayek's proposals were rejected by both governments in Gibraltar and London because they were not compatible with the economic planning of colonial economies, inspired by Keynes, and provision of welfare systems in the empire inspired by Beveridge, both dominant ideas during the mid-1940s in government circles.

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  • Chris Grocott, 2017. "Friedrich Hayek's fleeting foray into 1940s colonial development," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 24(5), pages 1085-1106, September.
    • Handle: RePEc:taf:eujhet:v:24:y:2017:i:5:p:1085-1106
    DOI: 10.1080/09672567.2017.1334078
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    References listed on IDEAS

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    1. Hayek, F. A., 1997. "Socialism and War," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226320588 edited by Caldwell, Bruce, September.
    2. Hayek, F. A. & Caldwell, Bruce, 2007. "The Road to Serfdom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320557 edited by Caldwell, Bruce, September.
    3. Bruce Caldwell, 1997. "Hayek and Socialism," Journal of Economic Literature, American Economic Association, vol. 35(4), pages 1856-1890, December.
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