F.A. Hayek - The Importance of Private Property

Hayek was once asked “If you could leave a short statement to the future generations that would sum up everything that was meaningful and significant to Friedrich von Hayek, what would that statement be?” This was his answer. This video is a clip from the trailer of "The Hayek Prophecies" – an hour long film which is currently available at: http://www.thehayekprophecies.com Source: pipewerkz YouTube channel.

Transcript:

Interviewer:

If you could leave a short statement to the future generations that would sum up everything that was meaningful and significant to Friedrich von Hayek, what would that statement be?

Friedrich Hayek:

Modern civilization, which enables us to maintain four billion people in this world, was made possible by the institution of private property. It’s only thanks to this institution that we achieved an extensive order far exceeding anybody’s knowledge, and if we destroy that moral basis, which consists in the recognition of private property, I think it will destroy the sources which nourish present day mankind and create a catastrophe of starvation beyond anything mankind has yet experienced.