John Tomasi's Free Market Fairness treats both traditions with depth, nuance, and unremitting fair-mindedness, and then points us toward a synthesis. Social democrats and libertarians equally need to read this book.

Most liberals agree that governments should protect certain basic liberties, such as freedom of speech, freedom of religion and freedom of the person. Liberals disagree, however, about whether free market rights should also be protected. By “free market rights,” we mean those rights typically associated with laissez-faire economic systems such as freedom of contract, a right to market returns, and claims to privately own the means of production.We do not use the phrase “economic liberties,” as Tomasi does, because (...) it does not distinguish between the “economic rights” defended by classical liberal and those defended by socialists. Those on the right often see such freedoms as core liberal commitments, while those on the left argue that an economic system should be organized to protect the interests of the less advantaged members of society. If free market rights should be protected, then most existing societies are unjust. These societies fail the liberal standard in the same ways as th .. (shrink)

In Anarchy, State and Utopia, Robert Nozick argues, first, that free-market anarchism is unstable -that it will inevitably lead back to the state; and, second, that without a certain "redistributive" proviso, the model is unjust. If either of these things is the case, the model defeats itself, for its justification purports to be that it provides a morally acceptable alternative to government (and therefore to the state). I argue, against Nozick's contention, that his "dominant protection agency" neither meets his (...) monopoly condition for statehood nor need run afowl of his redistributive requirement. This being the case, his argument against free market anarchism fails. (shrink)

We are in the midst of a worldwide debate over whether there should be "more" or "less" government. As enthusiasm for free markets mounts - in both former Communist nations and in Western countries such as England and the United States - is it productive to attempt to solve problems through this "more/less" dichotomy?

The paper is concerned with the potential or actual impact that free-market governmental principles and policies might have, or might have had, in helping to create a more crisis-prone world. It is concerned with organizationally-induced crises where organizations and their environment interact to create disasters. The nature of the crisis-prone organization is discussed in the context of the relevant management literature. It is argued that the disastrous interaction of such an organization with its environment is promoted by a laisser-faire (...) attitude on the part of the authorities. This is illustrated in the context of two recent British disasters involving the King''s Cross Underground fire and the sinking of the Herald of Free Enterprise. (shrink)

Free market environmentalists believe that the extension of private property rights and market transactions is sufficient to address environmental difficulties. But there is no invisible hand operating in markets that ensures that environmentally sound practices will be employed just because property rights are in private hands. Also, liability laws and the court systems cannot be relied upon to force polluters to internalize the social costs of pollution. Third, market prices do not provide an objective measure of environmental matters. (...) Finally, there is a right to a livable environment that justifies regulations protecting the public from unreasonable environmental risks. (shrink)

This review of Free Market Revolution: How Ayn Rand’s Ideas Can End Big Government, by Yaron Brook and Don Watkins, lauds its virtues, while criticizing its tendencies toward a partial and one-sided understanding of the nature of the revolution it extols. In bracketing out a deeper analysis of the role of business in the creation of modern corporatist political economy and the debilitating effects of war and the national security state on markets at home and abroad, the authors (...) ultimately fail to provide the more robust defense of freedom that Rand’s project implies. (shrink)

The Free Market and the Human Condition explores the human condition as situated in the free market from a variety of academic disciplines. By relying upon contributors who approach the topic from their respective disciplines, the book provides an accumulated picture of the free market, the human condition, and the relationship between them.

The rise of liberal market economies, propagated by neoliberal free market thought, has created a vacant responsibility for public interests in the market order of society. This development has been critiqued by Catholic social teaching (CST), forcefully arguing that governments and businesses should be directed to the common good. In this debate, no attention has yet been given to the Reformational tradition and its principle of sphere sovereignty, which provides guidelines on the responsibilities of governments and companies for the (...) public interest of society. This article analyzes the differences and similarities between CST and the Reformational philosophy in their critiques of the neoliberal free market perspective of Hayek. We apply the three perspectives to the case of orphan drugs in the pharmaceutical industry and show that CST and the Reformational philosophy offer valuable insights in correction to Hayek’s views on the responsibilities of governments and companies for public health interests. (shrink)

In Free Market, Jacob Soll has crafted an encyclopedic work, tracing the concept of the “free market” from Cicero to Milton Friedman. The core of the book concerns European political theorists, fro...

Incisive and engaging, The Free Market Existentialist proposes a new philosophy that is a synthesis of existentialism, amoralism, and libertarianism. Argues that Sartre’s existentialism fits better with capitalism than with Marxism Serves as a rallying cry for a new alternative, a minimal state funded by an equal tax Confronts the “final delusion” of metaphysical morality, and proposes that we have nothing to fear from an amoral world Begins an essential conversation for the 21st century for students, scholars, and armchair (...) philosophers alike with clear, accessible discussions of a range of topics across philosophy including atheism, evolutionary theory, and ethics. (shrink)

This paper examines what can be learnt from analysing attempts to give lay people more involvement in the administration of state schools. Although devolving more responsibility to schools and lay governors has been an important feature of school reform in several countries, it is not immediately apparent if this shift is the product of globally similar social and political forces or nationally specific cultural, ideological and economic factors. In considering this issue, the paper describes recent changes in school governance in (...) England, New Zealand, USA, Scotland and Catalunya, Spain. It is argued that some of these changes can best be characterised as attempts to increase the democratic participation of citizens in the running of schools. Other changes, however, seem rather to represent on attempt to bring the culture of business to schools and reduce the power of professional educators over education. (shrink)

This article points out the challenges to current models for media ethics that arise from the private ownership of public media, and it proposes a new model that integrates Adam Smith's free-market theory and his system of moral reasoning. The model creates moral obligations to maintain the integrity of a system for anyone who profits from it. This model renews an appeal for the contemporary notion of transparency and is built on an analogy between the system of the (...) class='Hi'>free market for creating wealth and the system of the free press for producing reliable market information. (shrink)

Transition to the market economy in post-socialist Ukraine, followed by the destruction of the ‘working mother’ gender contract, has led to the emergence of new forms of women’s identities. But the formation of new identities in the transformational period appeared to be mediated by free market ideology, linked to the development of consumer capitalism and dissemination of western consumer standards and lifestyles. The seeming diversity of the new identities promised by the ‘free market’ turned out to be reduced (...) to two models: housewife and businesswoman. Imported along with western mass culture, they can easily be inscribed onto the Ukrainian cultural context. At the same time, the everyday practice of economic survival through informal business and the difficulties of adaptation to the market economy have a profound impact on women’s identity formation. (shrink)

The virtue of internalizing environmental costs so that prices reflect full social opportunity costs at the margin, reaffirmed by Terry Anderson and Donald Leal, is unarguable. Beyond that, however, Anderson and Leal's Free Market Environmentalism neglects the classic works in the intellectual tradition to which it is supposed to be a contribution; is unconvincing and inconsistent in the functions it ascribes to the ?environmental entrepreneur?; conflates problems of distribution and scale with the problem of allocation; ignores international dimensions; and (...) misrepresents the debate over ?sustainable development.? (shrink)

Libertarians favor a free market for intrinsic reasons: it embodies liberty, accountability, consent, cooperation, and other virtues. Additionally, if property rights against trespasses such as pollution are enforced and if public lands are transferred as private property to environmental groups, a free market may also protect the environment. In contrast, Terry Anderson and Donald Leal's Free Market Environmentalism favors a free market solely on instrumental grounds: markets allocate resources efficiently. The authors apparently follow cost‐benefit planners (...) in endorsing a specious tautology that “defends” allocative efficiency by defining “social welfare” in terms of it. They make no attempt to show that allocative efficiency is a good thing or that it is consistent with environmental protection. By regarding pollution as a compensable external cost rather than as an enjoinable nuisance and by arguing that the government should auction rather than give public lands to environmental groups, moreover, Anderson and Leal offer far less protection of the environment than libertarians do. (shrink)

This paper analyses the impact of the Law and Economics movement on legal decision making. Focussing on the position of the leading intellectual figure of this movement, Richard Posner, the author shows how his theories imply a silent revolution in American jurisprudence. Starting from the criteria of economic efficiency and wealth maximization, seen in the light of American pragmatism, Posner upholds anti‐formalist interpretation of statutor law by judges based on the principles of free market economics. His theory starts from (...) the assumption that statutor law has become more and more ambiguous and open‐ended and thus, as in the case of antitrust law, judges can freely interpret legal provisions on the basis of free market postulates. This position has broader implications in the debate about the meaning of the rule of law: Posner's position implies abandoning the emancipatory core of the liberal tradition. (shrink)

The Asian financial crisis, which devastated many of the newly industrializing countries, is said to have demonstrated the inherent fragility of economies built upon laissez‐faire principles. However, it appears that the major sources of disruption have come from policies that deviate from laissez faire, such as government‐guaranteed bailouts and international monetary policy. That capitalist economies were afflicted by the crisis does not constitute an indictment of free markets.

ABSTRACTJohn Tomasi argues that a theory of justice should include economic liberty since it provides people with a way of living self-authored lives. However, as Aristotelians have pointed out, even seemingly neutral theories of justice rely on non-neutral conceptions of the good. In Tomasi's case, the ideal of self-authorship assumes that it is good to exert economic agency and in so doing, exercise one's economic liberty. Thus, Tomasi equates self-authorship with participation in market activities, tacitly universalizing what is, in fact, (...) a narrow and objectionable conception of the good. (shrink)

Does anyone have a monopoly on God? Can religion be bought or sold? Why do we pay priests? How do we limit religious conflicts? And should states get involved in matters of faith? "Faithonomics" shows that religion should be analyzed as a market similar to those for other goods and services, like bottled water or haircuts. It is about religion today, but Brekke shows us that there have always been religious markets, all over the world, regulated to a greater (...) or lesser degree. He argues that state "control" over religious markets is often the cause of unforeseen and negative consequences. Many of today's problems like religious terrorism or rent-seeking by religious political parties, are easier to understand if we think like economists. Religious markets work best when they are relatively free, and religious organizations should be left to sell their products without unnecessary restrictions. We have no good reason to grant any one of them special privileges, political or financial."--book jacket front flap. (shrink)

This article examines a thesis of interest to social epistemology and some articulations of First Amendment legal theory: that a free market in speech is an optimal institution for promoting true belief. Under our interpretation, the market-for-speech thesis claims that more total truth possession will be achieved if speech is regulatedonlyby free market mechanisms; that is, both government regulation and private sector nonmarket regulation are held to have information-fostering properties that are inferior to the free market. After (...) discussing possible counterexamples to the thesis, the article explores the actual implications of economic theory for the emergence of truth in a free market for speech. When confusions are removed about what is maximized by perfectly competitive markets, and when adequate attention is paid to market imperfections, the failure of the market-for-speech thesis becomes clear. The article closes by comparing the properties of a free market in speech with an adversarial system of discourse. (shrink)

In Poland, the practical difficulties encountered in the struggle to create a capitalist society are leading many Hayekian liberals to the realization that social factors crucial to the creation and stability of such a society are invisible within the classical liberal intellectual horizon and are undermined by its ethic of egalitarian individualism. Therefore, paradoxically, a major step forward in the creation of a liberal society has been the abandonment of significant elements of liberal ideology in favor of civic republican and (...) neoconservative ideas. (shrink)

Given the public’s affective responses to volatile global financial markets in recent years, one might expect that “we” as a society would interrogate capitalist conceptions of “value.” After all, if flows of abstract capital are untethered from tangible realities, as the 2008 collapse of global financial markets showed they can be, and if the supposedly concrete gains that people earn from their labors, such as pensions and salaries, remain vulnerable to the vicissitudes of this abstraction, then capitalism’s promises (...) might be thought to lose their appeal. Capitalist practices of value production work through anticipation, and the future of capitalism now appears to be bad for most people. Surely, one might .. (shrink)

Environmental Ethics is the ethics of how we humans are to relate to each other about the environment we live in. The best way to adjust inevitable differences among us in this respect is by private property. Each person takes the best care of what he owns, and ownership entails the free market, which enables people to make mutually advantageous trades with those who might use it even better. Public regulation, by contrast, becomes management in the interests of the (...) regulators, or of special interests, such as lovers of rare species-not the people they're supposed to be serving. (shrink)

The goal has been to devise a strategy that protects as much as possible the rights and liberties of all agents, both users of fossil fuels and people whose livelihoods and territories are at risk if the anthropogenic global warming hypothesis is true. To achieve this goal the standard climate policy instruments, taxes and emissions trading, should be discontinued. There are weaknesses in the theoretical perspectives used to justify these policy instruments and climate science cannot provide the knowledge that would (...) be needed to justify their implementation. In their place I propose a privatised policy, based on Austrian and libertarian frameworks of thought, which share an interpretation of climate change as a putative interpersonal conflict rather than market failure. The use of fossil fuels, like any other economic activity, should be subject to side-constraints designed to avoid the infringement of other people’s property rights. Tort litigation on the basis of strict liability would protect these rights, insofar as they need protecting. By providing a public arena for the competitive testing of scientific hypotheses concerning climate change, such litigation would also promote the public understanding and even the advancement of climate science. (shrink)

One prominent aspect of recent developments in science studies has been the increasing employment of economic concepts and models in the depiction of science, including the notion of a free market for scientific ideas. This gives rise to the issue of the adequacy of the conceptual resources of economics for this purpose. This paper suggests an adequacy test by putting a version of free market economics to a self-referential scrutiny. The outcome is that either free market economics (...) is self-defeating, or else there must be two different concepts of free market, one for the ordinary economy, the other for science. Both conclusions will impose limits on the applicability of the ordinary economic concept of the market to the study of science. (shrink)

Technology used in online marketing has advanced to a state where collection, enhancement and aggregation of information are instantaneous. This proliferation of customer information focused technology brings with it a host of issues surrounding customer privacy. This article makes two key contributions to the debate concerning digital privacy. First, we use theories of justice to help understand the way consumers conceive of, and react to, privacy concerns. Specifically, it is argued that an important component of consumers' privacy concerns relates to (...) fairness judgments, which in turn comprise of the two primary components of distributive and procedural justice. Second, we make a number of prescriptions, aimed at both firms and regulators, based on the notion that consumers respond to perceived privacy violations in much the same way they would respond to an unfair exchange. (shrink)

First published in 1984, this book carefully dissects and convincingly demonstrates that conservative economics is incoherent in theory and disastrous in practice. The three main schools of thought supporting "free-market" policies – supply side economics, monetarism and rational expectations – are examined in turn and each is found defective. Three case studies of conservative policy in action follow: Reagan’s U.S., Thatcher’s U.K. and Pinochet’s Chile and their courses are charted in depth. In addition, Robert Heilbroner and Edward Nell analyse (...) economic conservatism’s ideology and social policy, and the book concludes with an assessment of the political reasons for the continuing appeal of free-market conservatism despite its theoretical incoherence and practical failure. This is a careful and comprehensive look at this subject which tackles both the theory and the practice head-on. It will make useful and stimulating reading for students of economics and political economy on courses of economic policy and macro-economics and in addition will be of keen interest to all those involved in the debate about one of the major policy issues of our time. (shrink)

Many people have been enraged lately by the enormous increases in certain generic prescription drugs. But free marketeers defend these prices by arguing that they simply represent what the market will bear, and in a capitalist society there is accordingly nothing wrong with charging them. This paper argues that such a defense is actually contrary to the very principles that free marketeers claim to embrace. These prices are not only unjust and exploitative, but government interference with them would (...) not render the market less free, at least if what it means for a market to be “free” is properly understood. Everyone, even free marketeers with a libertarian or neoliberal bent, should accordingly be against this kind of profiteering. (shrink)

Libertarians are defenders of the free market. On their view, only the free market is compatible with the freedom of each individual to lead her own life according to her own choices. In a book and a series of articles, Serena Olsaretti argues that libertarians are wrong to believe that their commitment to individual freedom justifies the free market. According to her, libertarians rely on a problematic account of voluntary action. As part of her argument, Olsaretti develops (...) her own account of voluntary action. I offer two criticisms of Olsaretti’s argument. First, I argue that accepting her account of voluntary action does not compel libertarians to alter their position in the way that she claims. Second, I argue that her account of voluntary action has unwelcome implications by her own lights. (shrink)

In the present paper we examine the standard Austro-libertarian account of blackmail according to which blackmail should be legal as it does not coerce the blackmailee to part with his property and so cannot be subsumed under extortion. Against this account we put forth a preliminary argument or a hypothesis, if you will, that even if blackmail cannot be subsumed under extortion, it still does not follow that it should be legal, for it might be subsumed under fraud. Indeed, the (...) hypothesis we would like to offer for consideration is that blackmail is fraud, at least under some circumstances. To wit, we claim that even if the blackmailer does not coerce the blackmailee, in cases in which the blackmailer does not have an intention to execute his otherwise legal threats, he nonetheless deceives the blackmailee, thereby inducing him to part with his property. This is fraud and it renders the blackmailee’s property transfer involuntary and invalid. As fraud should be illegal under Austro-libertarianism, so should blackmail. (shrink)

Repeatedly, in Western democracies, sophisticated marketing techniques are used to manipulate consensus. In this context, "free" markets are interesting only because they contain potential buyers and it is possible to buy consensus. In many European countries (e.g., Italy), in Italy, for example, political scientists apply marketing techniques (advertising, psychological effects) to get (i.e., to buy) political consensus. They work on the premise that the decision to buy a product and the decision to vote for a candidate are equivalent. (...) Their interest is not in convincing, but in shaping an expedient cognitive model. (shrink)

In recent centuries Christians of various denominations have endorsed many different political philosophies that they see as being truly biblical in their approach. Over this time there has been an increasing hostility, by some Christians, towards free markets and political philosophies that hold human liberty as the highest goal such as libertarianism and classical liberalism. This criticism is unwarranted and misplaced as libertarianism and free markets are not only compatible with Christianity, they are also the most (...) biblically sound of all economics systems and political philosophies endorsed by Christians today. Therefore, this paper will argue that Christians of all denominations should endorse free markets and libertarianism if they wish to create a world that follows biblical principles and the teachings of Jesus. (shrink)

As the critics of global financial capitalism recognize, there is excessive financial instability in today's international economy. However, this instability is due not to laissez faire, but to its absence. Comparing the current world financial system to a laissez‐faire benchmark highlights the very significant differences between the two.

Government encouragement of free markets is a highly effective means of fostering pharmaceutical innovation; the NIH, by including “free-market provisions” in its licensing agreements that discourage anti-competitive and research-impeding behavior, can do a great deal to support this goal even without legislative overhaul.