Road to serfdom or great transformation? Lessons for today from competing Viennese schools

At the beginning of the 20th century, the cosmopolitan city of Vienna was a global hub of intellectual cross-pollination, influencing everything from psychology to art to advertising. This is the premise of historian and Economist journalist Richard Cockett’s pathbreaking book, Vienna: How the City of Ideas Created the Modern World.

Arguably one of Vienna’s most enduring legacies has been the “Austrian School” of economics. Developed by Ludwig von Mises and Friedrich von Hayek, its liberal values of personal and economic freedom would prove influential in major economies in the latter part of the 20th century. Yet, the Austrian School developed its ideas in direct tension with the radical social welfare model of 1920s Red Vienna. While Hayek and Mises saw such state intervention as the first step on the “Road to Serfdom,” to Karl Polanyi - the “other” Viennese economist - it encompassed his vision of a “mixed economy”, where democratic freedoms are upheld, and markets serve social needs. 

As today’s liberal world order faces increasing threats - often from self-described liberals - the panel will discuss the relevance of the competing Viennese schools in navigating an uncertain future.

Venue: Wirtschaftsuniversität Wien, Welthandelsplatz 1, Foyer of Executive Academy

Time: May 11^th 2026, 6 pm

Organized by  IKPS and ISSET

Richard Cockett, historiador & economist

Andreas Novy, WU Vienna and International Karl Polanyi Society

Valentina Ausserladscheider, University of Vienna