Hayekism
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English
[edit]Etymology
[edit]From Hayek + -ism. Named after Friedrich Hayek (1899–1992), Austrian-British economist, legal theorist and philosopher.
Noun
[edit]Hayekism (uncountable)
- (politics, economics) An economic ideology that emphasizes unregulated markets and the abandonment of welfare.
- 2022 October 20, Jonathan Freedland, “Truss has discredited high-octane, free-market economics - perhaps for ever”, in The Guardian[1]:
- The vision was of a low tax, low regulation society where the richest are freed to unleash their awesome talents and make themselves even richer. According to this vision – whether you call it Hayekism, ultra-Thatcherism, Reaganism or economic libertarianism – when the fortunate few at the top soar ever upwards, some of their wealth trickles down to those at the bottom.