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Markets, the Social Contract, and the ‘Smithian Result’

In: The New Institutionalist Economic History of Douglass C. North

Author

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  • Matthijs Krul

    (Max Planck Institute for Social Anthropology)

Abstract

The purpose of this chapter is to explain the role of the market in Douglass North’s thought. As Krul shows, while North was not a straightforward free market theorist, he nonetheless idealized a certain view of the market and used it as a benchmark for analyzing all historical societies. While also discussing earlier criticisms of North’s approach, Krul points to the importance of social contract theory and a pessimistic outlook on social cooperation as sources for North’s idealization of markets. An important part of the discussion is the role of Adam Smith, who functions for North as proof of both the virtues of well-ordered markets and of the difficulties of achieving them.

Suggested Citation

  • Matthijs Krul, 2018. "Markets, the Social Contract, and the ‘Smithian Result’," Palgrave Studies in the History of Economic Thought, in: The New Institutionalist Economic History of Douglass C. North, chapter 3, pages 69-99, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-319-94084-7_3
    DOI: 10.1007/978-3-319-94084-7_3
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