“The path away from economic freedom is, as Hayek long ago demonstrated, the road to serfdom. The road may be a long one: the pace may be swift or slow: but the destination cannot be changed. State ownership, state monopolies, state regulation and state planning, through the centralisation of economic power, inevitably lead to economic failure. They inevitably increase both the temptation and the scope for abuses of political power until freedom itself is threatened. The planned economies, the controlled societies which socialism requires, pervert what are truly economic decisions for the market into political decisions for the politician or the bureaucrat. The fruits of centralised economics are corruption, poverty and servility—and in the socialist society the only medicine which may be prescribed is heavier doses of the same socialist poison.”

The 1985 Disraeli Lecture (13 November, 1985).

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Norman Tebbit29

English politician 1931

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