Hillsdale College, host to a special meeting of the Mont Pelerin Society, August 24-28, 1975, devoted to the work of F.A. Hayek, is pleased to make avail able this article by Arthur Shenfield, British econo mist and barrister, who was president of the Mont Pelerin Society from 1972 to 1974. This essay was adapted from an article published in Criticon and is published with their permission. Additional copies are available for twenty-five cents each. Please make checks payab...