David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Journal of Business Ethics 85 (1):57 - 66 (2009)
Friedrich A. von Hayek influenced many areas of inquiry including economics, psychology and political theory. This article will offer one possible interpretation of the ethical foundation of Hayek’s political and social contributions to libertarianism and free market capitalism by analyzing several of his important non-economic publications, primarily The Road to Serfdom, The Fatal Conceit, The Constitution of Liberty and Law, Legislation and Liberty. While Hayek did not offer a particular ethical foundation for free market capitalism, he argued consistently that free markets are liberating and, for the markets to be truly free and for individuals to participate freely in markets, they should be subject to little control. Beyond some very basic principles, such as the protection of private property, that enable the free market to function properly, individuals are both free to and required to determine their own ethical compass. The central question, then, is what are the ethical principles that underlie Hayek’s view of the successful organization and operation of a free market? If formal rules and regulations must be kept to a minimum, then ethical behavior is an individual choice as well as an important foundation for the self-regulating free market. This article will argue that one possible ethical foundation underlying Hayek’s libertarian justification for free market capitalism are Friedrich Nietzsche’s “will to power” and noble/slave ethics. This article will rely primarily on Nietzsche’s On The Genealogy of Morals, Beyond Good and Evil, Zarathustra, and the Will to Power.
|Keywords||free market capitalism Hayek Nietzsche noble/slave ethics will to power|
|Categories||categorize this paper)|
|Through your library||Configure|
References found in this work BETA
Peter Berkowitz (1995). Nietzsche: The Ethics of an Immoralist. Harvard University Press.
Walter Arnold Kaufmann (1974). Nietzsche, Philosopher, Psychologist, Antichrist. Princeton University Press.
Friedrich Wilhelm Nietzsche (1968/2006). The Will to Power. London, Weidenfeld & Nicolson.
Citations of this work BETA
No citations found.
Similar books and articles
Mark Sagoff (1992). Free‐Market Versus Libertarian Environmentalism. Critical Review 6 (2-3):211-230.
Appa Rao Korukonda & Chenchu Ramaiah T. Bathala (2004). Ethics, Equity, and Social Justice in the New Economic Order: Using Financial Information for Keeping Social Score. Journal of Business Ethics 54 (1):1-15.
Robert E. Goodin (2006). Volenti Goes to Market. Journal of Ethics 10 (1-2):53 - 74.
Dennis Attick & Deron Boyles (2010). Montessori, Dewey, and Capitalism: Educational Theory for a Free Market in Education. Education and Culture 26 (1):100-103.
Alistair MacLeod (2000). Human Dignity, Individual Liberty, And the Free Market Ideal. Social Philosophy Today 16:113-123.
Daniel M. Hausman (1989). Are Markets Morally Free Zones? Philosophy and Public Affairs 18 (4):317-333.
Serena Olsaretti (2004). Liberty, Desert and the Market: A Philosophical Study. Cambridge University Press.
Ryszard Legutko (1997). Was Hayek an Instrumentalist? Critical Review 11 (1):145-164.
Added to index2009-01-28
Total downloads27 ( #54,488 of 1,088,400 )
Recent downloads (6 months)1 ( #69,601 of 1,088,400 )
How can I increase my downloads?