Liberalism, economic freedom, and the limits of markets

Social Philosophy and Policy 24 (1):120-140 (2007)
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Abstract

This paper points to a lost and ignored strand of argument in the writings of liberalism's earliest defenders. These “classical” liberals recognized that market liberty was not always compatible with individual liberty. In particular, they argued that labor markets required intervention and regulation if workers were not to be wholly subjugated to the power of their employers. Functioning capitalist labor markets (along with functioning credit markets) are not “natural” outgrowths of exchange, but achievements hard won in the battle against feudalism. Further, and crucially, the existence of such markets required closing off other market choices. Footnotesa I would like to thank the other contributors to this volume, and its editors, for their helpful comments on an earlier draft of this essay.

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Debra Satz
Stanford University

Citations of this work

What’s the Matter with Price Gouging?Jeremy Snyder - 2009 - Business Ethics Quarterly 19 (2):275-293.
Adam Smith on Markets and Justice.Lisa Herzog - 2014 - Philosophy Compass 9 (12):864-875.
Ethics, economics, and markets: an interview with Debra Satz.Debra Satz - 2010 - Erasmus Journal for Philosophy and Economics 3 (1):68.
In Defense of a Democratic Productivist Welfare State.Michael Moehler - 2017 - European Journal of Philosophy 25 (2):416-439.

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