Includes bibliographical references and indexes.

The latest entry in the University of Chicago Press?s series of newly edited editions of Hayek?s works, The Constitution of Liberty is, like Serfdom, just as relevant to our present moment. The book is considered Hayek?s classic statement on the ideals of freedom and liberty, ideals that he believes have guided?and must continue to guide?the growth of Western civilization. Here Hayek defends the principles of a free society, casting a skeptical eye on the growth of the welfare state and examining the challenges to freedom posed by an ever expanding government?as well as its corrosive effect on the creation, preservation, and utilization of knowledge. In opposition to those who call for the state to play a greater role in society, Hayek puts forward a nuanced argument for prudence. Guided by this quality, he elegantly demonstrates that a free market system in a democratic polity?under the rule of law and with strong constitutional protections of individual rights?represents the best chance for the continuing existence of liberty.