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Friedrich A. Hayek: Peoples
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Hayek proposes the Rules of Just Conduct as the basis for a peaceful society of reciprocity and free exchange among peoples of different cultures. How do the Rules of Just Conduct emerge in any society? What are the standards for the "prohibitions from infringing the protected domain"? Is mutual adherence to the Rules of Just Conduct the basis for peaceful intercourse among cultural different peoples? Why is private property an indispensable condition for the creation of these Rules of Just Conduct? The Hayek Fellowships will be awarded for the three best essays on the above topic.
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No one paid attention to Hayek’s wise warning. The Chinese people after the Communist victory in 1949 gradually lost all their basic rights. No other country in this world has experienced the magnitude of the suffering and servitude that the Chinese people experienced under the planned socialist economy and one party dictatorship. Today the Chinese people appreciate Hayek's work because they had to live through the agony and hardships of socialism, deprived of their civil liberties (freedom of movement and freedom of occupational choices and freedom of associations) and the opportunities of pursuing happiness for 30 years. Since Hayek is recognized in China as one of the few who foresaw the failures of socialism, Hayek is highly respected by most Chinese scholars, even some leftists. Even some government officials will put some of Hayek's writings on their work desk for decoration.
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Hayek's proposal was for people to have the option to competitively select among the various currencies issued by governments. Later that year... Hayek published a short volume, Denationalisation of Money: An Analysis of the Theory and Practise of Concurrent Currencies (1976; revised, expanded edition, 1978), in which he proposed an even more radical idea. He said, "When one studies the history of money one cannot help wondering why people have put up for so long with governments exercising an exclusive power over 2,000 years that was regularly used to exploit and defraud them."
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Hayek shows that free markets can exist without needing to ignore social needs. Hayek provides justification for policies such as a negative income tax (for poor people to buy their food, clothing, shelter, health insurance, etc.), anti-trust legislation (to prevent monopolies from using coercion), anti-corporatism (governments should not waste money promoting private enterprise since private enterprise is capable of promoting itself), the ending of patent law (why should smart people need the government to grant them a monopoly on ideas they simply happen register first), support for activism (people's movements are free to try and change the value systems of the market), and criticism of supercilious arrogance from socialist planners.
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Hayek recognized the problem that people who reject liberty pose for the free society. "It is very probable," he wrote, "that there are people who do not value the liberty with which we are concerned, who cannot see that they derive great benefit from it, and who will be ready to give it up to gain other advantages; it may even be true that the necessity to act according to one's own plans and decisions may be felt by them to be more of a burden than an advantage" (5).
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