Cato Executive V. P. David Boaz has written his own balanced obituary for economist Robert Heilbroner (see my post below). It includes a quote from an excerpt from an article Heilbroner wrote for Dissent in 1992 about the collapse of socialism:
Capitalism has been as unmistakable a success as socialism has been a failure. Here is the part that’s hard to swallow. It has been the Friedmans, Hayeks, and von Miseses who have maintained that capitalism would flourish and that socialism would develop incurable ailments. All three have regarded capitalism as the ‘natural’ system of free men; all have maintained that left to its own devices capitalism would achieve material growth more successfully than any other system. From [my samplings] I draw the following discomforting generalization: The farther to the right one looks, the more prescient has been the historical foresight; the farther to the left, the less so.
Friedrich Hayek couldn’t have asked for a better response to his wonderful dedication in The Road to Serfdom, which read, “To the socialists of all parties.” He could, however, have asked to see it sooner.