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James M. Buchanan’s contractarianism and modern liberalism

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  • Viktor Vanberg

Abstract

This paper contrasts Buchanan’s contractarian–constitutional liberalism with Hayek’s evolutionary liberalism and Rothbards free-market liberalism as representative branches of the classical liberal tradition. While Hayek and Rothbard focus on individual liberty as private autonomy, Buchanan posits that individual sovereignty should be recognized as the fundamental normative premise of liberalism. He insists that a consistent application of this premise requires liberals to respect individuals as sovereigns not only in their capacity as private law subjects but also at the constitutional level of choice where, as sovereign citizens, they choose, jointly with their fellow citizens, the rules under which they wish to live. It is argued that by supplementing the notion of individual liberty as private autonomy with the concept of individual sovereignty in constitutional matters Buchanan lays the theoretical foundation for complementing the well-developed liberal theory of the market with a consistent liberal theory of democracy. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Viktor Vanberg, 2014. "James M. Buchanan’s contractarianism and modern liberalism," Constitutional Political Economy, Springer, vol. 25(1), pages 18-38, March.
  • Handle: RePEc:kap:copoec:v:25:y:2014:i:1:p:18-38
    DOI: 10.1007/s10602-014-9152-4
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    1. Arturo Hermann, 2008. "The institutional analysis of the market," International Journal of Green Economics, Inderscience Enterprises Ltd, vol. 2(4), pages 379-391.
    2. Viktor Vanberg, 1999. "Markets and Regulation: On the Contrast Between Free-Market Liberalism and Constitutional Liberalism," Constitutional Political Economy, Springer, vol. 10(3), pages 219-243, October.
    3. Viktor Vanberg, 2011. "Liberal constitutionalism, constitutional liberalism and democracy," Constitutional Political Economy, Springer, vol. 22(1), pages 1-20, March.
    4. Brandi, Clara & Wohlgemuth, Michael, 2006. "Strategies of Flexible Integration and Enlargement of the European Union: a Club-theoretical and Constitutional Economics Perspective," Freiburg Discussion Papers on Constitutional Economics 06/7, Walter Eucken Institut e.V..
    5. Buchanan, James M, 1987. "The Constitution of Economic Policy," American Economic Review, American Economic Association, vol. 77(3), pages 243-250, June.
    6. José Casas Pardo & Pedro Schwartz (ed.), 2007. "Public Choice and the Challenges of Democracy," Books, Edward Elgar Publishing, number 12578.
    7. Vanberg, Viktor J., 2005. "Market and state: the perspective of constitutional political economy," Journal of Institutional Economics, Cambridge University Press, vol. 1(1), pages 23-49, June.
    8. von Mises, Ludwig, 1957. "Theory and History," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 1, number mises1957.
    9. von Mises, Ludwig, 1985. "Liberalism in the Classical Tradition," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number mises1985.
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    Cited by:

    1. Manuel Woersdoerfer, 2023. "AI Ethics and Ordoliberalism 2.0: Towards A 'Digital Bill of Rights'," Papers 2311.10742, arXiv.org.

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