A SUBSTITUTE END FOR SOCIALISM? F. A. HAYEK AND KEYNESIAN FULL-EMPLOYMENT POLICY

This paper provides a caveat to Ben Jackson's article 'At the origins of neo-liberalism'. Though agreeing with Jackson that many early market liberals did not particularly object to Keynesian policy and the nascent welfare state, we make use of archival and published material to help shed light on F. A. Hayek's assessment of Keynesian policy. In particular, we argue that Hayek had adopted a negative view of Keynesian policy and the welfare state as early as the mid- to late 1940s.