Not really? I know he was friends with Hayek and hated Marxism but last I checked he considered himself a democratic socialist or at least a social democrat.
Looking into it a bit further, he did abandon socialism, as he felt that prioritising equality over freedom tended to result in a system which favoured neither and he found reconciling the needs of both within a socialist framework impossible; however, he strongly disagreed with the Mont Pelerin charter's uncritical embrace of the free market and rejection of socialists out of hand. From what I can tell, he was still big on welfare and regulation, just not on the total overthrow of capitalism.
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