One of the very few things that I know I believe strongly is that we must learn how to make a better world out of usable pasts rather than dreaming o… - Tony Judt

This paradox—that a peaceful European settlement was taking shape even as the two Great Powers of the day were arming themselves to the hilt and preparing for the eventuality of a thermonuclear war—was not so bizarre as it might appear. The growing emphasis in US and Soviet strategic thinking on nuclear weapons, and the intercontinental missiles with which to deliver them, released European states from the need to compete in an arena where they could not hope to match the resources of the superpowers, even though central Europe remained the most likely terrain over which any future war might be fought. For this reason, the Cold War in Western Europe was experienced quite differently in these years from the way it was felt in the United States, or indeed in the USSR.

But the Derrida-Habermas initiative, even though it articulated sentiments shared by many Europeans, passed virtually unnoticed. It was not reported as news, nor was it quoted by sympathizers. No-one implored its authors to take up their pens and lead the way forward. The governments of a significant number of European states, including France, Germany, Belgium and later Spain, undoubtedly sympathized in general terms with the views expressed in these essays; but it did not occur to any of them to invite Professors Derrida or Eco in for consultation. The whole project sputtered out. One hundred years after the Dreyfus Affair, fifty years after the apotheosis of Jean-Paul Sartre, Europe’s leading intellectuals had thrown a petition—and no-one came.

The three quarters of century that followed Austria’s collapse in the 1930s can be seen as a duel between Keynes and Hayek. Keynes, as I was saying, begins with the observation that under conditions of economic uncertainty we would be imprudent to assume stable outcomes and therefore had better devise ways to intervene in order to bring these about. Hayek, writing quite consciously against Keynes and from the Austrian experience, argues in the The Road to Serfdom that intervention—planning, however benevolent or well-intentioned and whatever the political context—must end badly. His book was published in 1945 and is most remarkable for its prediction that the post–World War II British welfare state already in the making should anticipate a fate similar to that of the socialist experiment in post-1918 Vienna. Starting with socialist planning, you would end with Hitler or a comparable successor. For Hayek, in short, the lesson of Austria and indeed the disaster of interwar Europe at large boiled down to this: don’t intervene, and don’t plan. Planning hands the initiative to those who would, in the end, destroy society (and the economy) to the benefit of the state. Three quarters of a century later, this remains for many people (especially here in the U.S.) the salient moral lesson of the twentieth century.