Not available since the 1980's, this up-dated edition by the leading political philosopher, John Gray, outlines his new position on Hayek. In a substantial new chapter, Gray assesses how far the historical development of the last ten years can be deployed in a critique of Hayek's thought. His reassessment is not only a provoking study of a classical philosopher. It is also a timely contribution to the debate over the future of conservatism, as Gray argues that Hayekian liberalism - 'the most well-articulated political theory of the new right' - is flawed.