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Where to Draw the Line between the State and Markets? Institutionalist Elements in Hayek's Neoliberal Political Economy

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  • João Rodrigues

Abstract

This article assesses the institutionalist elements of Friedrich Hayek's neoliberal political economy by presenting his views on the entangled relations between the state and markets in capitalism. Through the analysis of Hayek's work, the article contributes to further consolidating the view that neoliberalism is an ideological project of institutional transformation which, despite some enduring myths, has an irreplaceable role for a state with many important functions in a more limited democracy. Markets, for their part, are politically contested social constructions that depend on previous non-market institutions for their existence and legitimation. This paper argues that Hayek's work corroborates this institutionalist claim.

Suggested Citation

  • João Rodrigues, 2012. "Where to Draw the Line between the State and Markets? Institutionalist Elements in Hayek's Neoliberal Political Economy," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(4), pages 1007-1034.
    • Handle: RePEc:mes:jeciss:v:46:y:2012:i:4:p:1007-1034
    DOI: 10.2753/JEI0021-3624460409
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    Cited by:

    1. Daniel Fernando Zarama Rojas, 2021. "Humility's Challenge: The Political Value of Disperse Individual Experience in F. A. Hayek's Thought," Documentos CEDE 19127, Universidad de los Andes, Facultad de Economía, CEDE.
    2. Guido Rossi & Salvatore Spagano, 2018. "From Custom to Law, An Economic Rationale behind the Black Lettering," Journal of Economic Issues, Taylor & Francis Journals, vol. 52(4), pages 1109-1124, October.
    3. Kwon-Sik Kim & Seong-ho Jeong, 2019. "Free Riding without Dead Weight Losses," Sustainability, MDPI, vol. 11(19), pages 1-15, September.
    4. Yuzhe Wu & Jia Ao & Yuhang Ren, 2023. "Allocation of Land Factors in China Looking Forward to 2035: Planning and Market," IJERPH, MDPI, vol. 20(4), pages 1-16, February.

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