Wow, can't believe anyone actual uses Hayek anymore. I think its more useful to think of Hayek as the ideologue of neoliberal economics in its purest form. However, like most ideology, the actual practices of its practitioners. It may be useful for you to do some research on neoliberalism and the class power restoration project that it actually entails. Hayek and the crew were regarded as quacks, justifiably so, right up until the late 60's. Around this point, regarding the radicalism that surrounded the era, a class project formed using Hayek's idea as its ideological basis. After this, corporate money began flowing to right-wing thinktanks such as the Heritage Foundation, for a small example. Essentially, a full-scale ideological attack began on Keynesianism (and the power check it provided against elite interests and the overaccumulation of wealth) backed by certain elites. Amazingly, this project worked and thus the current neoliberal hegemony.
I bring this up because there is a close correlation between the Keynesian development policy followed by postcolonial states that brought remarkable developments, the subsequent switch to neoliberalism in power centers such as the United States and the fostering of these ideals onto developing countries and the subsequent disaster. Regarded this way, it isn't capitalism that failed but a certain vision of it, which does indeed rely the economic subjugation of developing countries for profits.
Hayek, Friedman and the rest of that crew made a massive (intentional or unintentional) mistake when they took the political out of the "political economy" (as economics was known for quite some time). There is nothing objective about economics or the so-called "free-market," it is a social construction that serves certain interests. In the case of neoliberalism, it is obvious whose interests it serves, primarily the elite of the global North. Of course, since economics has increasingly been posed as some sort of objective science much of the masses that have taken an Econ 101 class have swallowed its ideology hook, line and sinker.
