Interpreting Voluntary Exchange: Markets, Speech Acts And Communicative Action

Graham Dawson

Economic Affairs, 2015, vol. 35, issue 2, 240-255

Abstract: This paper uses speech act theory to present a libertarian reinterpretation of the Habermasian concept of communicative action. Voluntary exchange in competitive markets is interpreted as a speech act and a form of communicative action that respects autonomy and obstructs power. Where exchange occurs in monopolistic markets, it is defective in being a form of (a) strategic action aimed directly at rival suppliers rather than buyers and (b) economic coercion. Voluntary exchange is not an isolated act but the outcome of a complex bargaining process, which may lead to negotiated exit, without the possibility of which economic relations are coercive.

Date: 2015
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