What contribution have private property, market economy, and competition made to the rise of Western civilization? What misconceptions led to the failure of socialism? How can individual freedom and prosperity be secured in a democracy? These and other questions were posed by Nobel laureate Friedrich August von Hayek (1899 - 1992) in his work, leaving a significant mark on the realpolitik of figures from Margaret Thatcher to Václav Klaus. This volume presents the life journey of this arguably most influential liberal of the 20th century and provides an overview of central themes in his thought, such as market and knowledge, freedom and coercion, cultural evolution and spontaneous order, justice and social justice, law and legislation, as well as criticism of democracy and democratic reform.