Is economic orthodoxy anti-democracy?

How can the law help in overcoming the antidemocratic bent (see below) of orthodox economic policy? This is a topic law students should be confronting… Here are some ideas that advance in that direction.

Real-World Economics Review Blog

from Peter Radford

Yes it is.

The explanation is found in the genesis of classical economics and then in its idealization of the marketplace.

At its onset the modern neo-liberal project was a search for a way of organizing civil society without that organization being imposed in what had hitherto been an overt political, that is power relationship, sense. Thus the literature in the late 1700′s is brimming with applause for what we would now call the market as a method of coordination. In contemporary thinking we seem to forget that the market back then was seen as a supreme organizing principle for all social activity since the then burgeoning economy was the major issue calling for analysis. The market was posited as an alternative to the prior traditional political problem solution to allocation because it allowed the emerging commercial class to locate itself within a social structure facing great stress…

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4 Responses to Is economic orthodoxy anti-democracy?

  1. […] A few months ago, Hugo Pena and Marcio Valadares published a paper titled “Contemporary legal instances in the institutionalist literature on development” (available only in Portuguese only – link here). The work is a contribution by two researchers of the LESG in which they explore the issue of how to intellectually frame relations between law and economics given the present context of fierce contestation of economic “orthodoxy’ (see here). […]

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  2. […] of how to intellectually frame relations between law and economics given the present context of fierce contestation of economic […]

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  3. […] of how to intellectually frame relations between law and economics given the present context of fierce contestation of economic […]

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  4. […] of how to intellectually frame relations between law and economics given the present context of fierce contestation of economic […]

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