This video examines Friedrich A. Hayek’s classic The Road to Serfdom, in which he describes the step-by-step process by which central planning leads to disaster. According to Hayek, the loss of liberty is a long process whereby one small intervention leads to another equally small intervention but results in a significant loss of liberty. The inefficiencies of state-run monopolies are examined in this video as well as the impact of business licensure. As Hayek warned, where the state controls activity, these controls grow and individual freedom diminishes. One of Hayek’s greatest contributions was to remind us of the foundations of our freedom.