By Hayeks
standards, the type of financial economy portrayed in the article,
The Hand on the Lever, by Nickolas Lemann, I contend is still
capitalism. This paper will examine how and why I believe it does
so. Perhaps some may not interpret our current day financial
economy as the purest form of capitalism, yet in essence it is
capitalismnonetheless and Hayeks standards holds true today.
First let us define Hayeks theory of
economics, he
believed less government intervention meant more economic freedom
(free markets) and when people are free to choose, (using knowledge
as a tool), the economy runs more effectively. Hayek also believed
that an unintentional consequence of human actions causes a
spontaneous reaction, negative or positive.
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