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Spring 2017

ISSN 0890-913X

Volume 32, Number 1

Categories: Spring 2017 | Hayek, F. A - Criticism and interpretation | Economic history

The Original Road to Serfdom: From Rome to Feudal Europe

Gary M. Pecquet, Central Michigan University

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TheOriginalRoadtoSerfdom:FromRometoFeudalEuropeTheJournalofPrivateEnterprise32(1),2017,45–62GaryM.Pecquet�CentralMichiganUniversity______________________________________________________AbstractHayekbasedhisroadtoserfdommetaphoronanactualhistoricalprecedent:AncientRome.TheclassicalhistorianEdwardGibbondescribedthisoriginalroadtoserfdomin1776.AncientRomedevelopedthelegalinstitutionstosupportprivatepropertyandcommerceduringthefirsttwocenturiesAD.However,gradually,“breadandcircuses”entitlementscontributedtothecrowdingoutofprivateeconomicactivity.Romedirectlycommandeeredlaborandresourcesandimposedanarcanetaxsystem.Topreventtaxavoidance,emperorsimmobilizedthetaxbasebytyingpeasantstothelandandguildsmentotheircrafts.Theseeventspavedtheroadtoserfdom.______________________________________________________JELCodes:N43,O12,O43Keywords:serfdom,entitlements,ancientcommerceI.IntroductionWhenFriedrichA.HayekpennedTheRoadtoSerfdomin1944,hededicatedthebookto“socialistsofallparties”([1944]2007).Indeed,theearlytwentiethcenturywitnessedtheriseofcommunism,corporatism,andBritish-styledFabiansocialism.FollowingtheGreatDepression,socialistsofallpartiesenvisionedgovernmentcontrolsandmassiveentitlementsasthewaveofthefuture.Thevarioussocialistsbelievedthattheirvisionswouldbringgreatereconomicgrowthandstability.ButHayekandacomparativelyfewothereconomiststhoughtotherwise.TheRoadtoSerfdompurportedthateconomiclibertywastheessentialingredientforbothpoliticallibertyandeconomicgrowth.Today,wearequitefamiliarwithHayek’sreasoning,butitwasnotapparenttothesocialistsofthatday.Powerfulargumentsarebasedonmetaphors:AdamSmith’sinvisiblehandandJohnRawls’sveilofignorancearetwovery�TheauthoracknowledgestheencouragementandhelpfulsuggestionsfromCliffordF.Thies,thelateR.MorrisCoats,andanonymousreferees.

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Title	The Original Road to Serfdom: From Rome to Feudal Europe
Authors/Creators:	Gary M. Pecquet, Central Michigan University
Year:	2017
Volume:	32
Number:	1
Pages:	45 - 62
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	serfdom, entitlements, ancient commerce

Citation:
Pecquet, Gary M. / 2017. "The Original Road to Serfdom: From Rome to Feudal Europe." The Journal of Private Enterprise, 32(1): 45-62.