Hayek watched the interwar collapse with horror, as Keynes did, and shared many of Keynes’s liberal values. What he failed to understand is that thes… - John N. Gray

While the Marxist faith in central planning is now confined to a few dingy sects, a quasi-religious belief in free markets continues to shape the policies of governments.<p>Many writers have pointed to the havoc and ruin that have accompanied the imposition of free markets across the world. Whether in Africa, Asia, Latin America or post-communist Europe, policies of wholesale privatisation and structural adjustment have led to declining economic activity and social dislocation on a massive scale.

Humans kill one another – and in some cases themselves – for many reasons, but none is more human than the attempt to make sense of their lives. More than the loss of life, they fear loss of meaning.

Ichthyophils imagine that human beings want a life in which they can make their own choices. But what if they can be fulfilled only by a life in which they follow each other? The majority who obey the fashion of the day may be acting on a secret awareness that they lack the potential for a truly individual existence. Liberalism – the ichthyophil variety, at any rate – teaches that everyone yearns to be free. Herzen’s experience of the abortive European revolutions of 1848 led him to doubt that this was so. It was because of his disillusionment that he criticized Mill so sharply. But if it is true that Mill was deluded in thinking that everyone loves freedom, it may also be true that without this illusion there would be still less freedom in the world. The charm of a liberal way of life is that it enables most people to renounce their freedom unknowingly.