NGRAM — “ABSOLUTE POWER CORRUPTS ABSOLUTELY”

The quotation header to chapter 10 of Hayek’s The Road to Serfdom, published in 1944, is Lord Acton’s line, “Power tends to corrupt, and absolute power corrupts absolutely.”

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I believe our task is to show how only a market and a competition determined price system can enable us from day to day to adjust a worldwide division of labor to ever changing circumstances and to maintain that degree of productivity which we need in order to keep the population of the world alive and continue the growth we have made possible by adopting this system. — F. A. Hayek

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