Rather, its failure, as Umut Özsu notes, 'was at root an affirmation of the weakness of public authority in the face of private power, the Global South in the face of the Global North, the developmental state in the face of the state legitimated market'. In 1979, Hayek warned that the 'strongest support of the trend towards socialism comes today from those who claim they want neither capitalism nor socialism but a 'middle way' or a 'third world'. To follow them, he argued, was a sure path to socialism, and 'socialism as much as fascism or communism inevitably leads into the totalitarian state'. Increasingly, the Third World vision of economic redistribution was viewed not only as economically suicidal but also as 'totalitarian'.

Jessica Whyte, The Morals of the Market, loc. 427