Not what you may have heard…

… Hayek's Tragic Capitalism. (Hat tip, Dave Lull.)

Hayek’s case for free enterprise doesn’t fit any of the usual simplistic stereotypes. He not only explicitly and persistently rejected laissez-faire, but could write as eloquently about the moral downside of capitalism and the emotional attractions of socialism as any left-winger. In an era in which—young socialist chic notwithstanding—global capitalism appears to have swept all before it, it is the triumphalist defenders of the free market rather than its critics who have the most to learn from Hayek’s cautious, nuanced apologia.