Freedom and the market

Pavel Nikitin and John Elliott

Forum for Social Economics, 2000, vol. 30, issue 1, 1-16

Abstract: Those who believe that the free market is positively related to both economic efficiency and individual freedom are prone to regard resistance to the establishment of the global market essentially free from any serious sociopolitical constraint as a politically insignificant expression of impatience, ignorance, and hypocrisy. This article attempts to endow the manifestation of discontent with the status quo evident in public protests in Seattle and Washington DC with political significance through explicating it as an expression of a fundamental conflict between economic efficiency and individual freedom inherent in the global implementation of the principle of self-regulating markets. This analysis of the antiglobalization movement is conducted from the perspective of the theoretical foundation of the evaluation of the dynamics of capitalism by Polanyi, Hayek, and Keynes, and its conclusions are brought to bear upon the validity of their contesting views of the relationship between economic efficiency and individual freedom.

Date: 2000
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DOI: 10.1007/BF02802941

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