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Hayek, Friedman, and Buchanan: On Public Life, Chile, and the Relationship between Liberty and Democracy

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  • John Meadowcroft
  • William Ruger

Abstract

This article places recent evidence of Hayek's public defense of the Pinochet regime in the context of the work of the other great twentieth-century classical liberal economists, Milton Friedman and James M. Buchanan. Hayek's view that liberty was only instrumentally valuable is contrasted with Buchanan's account of liberty situated in the notion of the inviolable individual. It is argued that Hayek's theory left him with no basis on which to demarcate the legitimate actions of the state, so that conceivably any government action could be justified on consequentialist grounds. Furthermore, Friedman's account of freedom and discretionary power undermines Hayek's proposal that a transitional dictatorship could pave the way for a genuinely free society. It is contended that Hayek's defense of Pinochet follows from pathologies of his theories of liberty and democracy.

Suggested Citation

  • John Meadowcroft & William Ruger, 2014. "Hayek, Friedman, and Buchanan: On Public Life, Chile, and the Relationship between Liberty and Democracy," Review of Political Economy, Taylor & Francis Journals, vol. 26(3), pages 358-367, July.
    • Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:358-367
    DOI: 10.1080/09538259.2014.932066
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    References listed on IDEAS

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    1. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, January-J.
    2. repec:ucp:bkecon:9780226264141 is not listed on IDEAS
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    Cited by:

    1. Andrew Farrant & Vlad Tarko, 2019. "James M. Buchanan’s 1981 visit to Chile: Knightian democrat or defender of the ‘Devil’s fix’?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(1), pages 1-20, March.
    2. Otto Lehto & John Meadowcroft, 2021. "Welfare without rent seeking? Buchanan’s demogrant proposal and the possibility of a constitutional welfare state," Constitutional Political Economy, Springer, vol. 32(2), pages 145-164, June.
    3. Andrew Farrant, 2019. "What Should (Knightian) Economists Do? James M. Buchanan's 1980 Visit to Chile," Southern Economic Journal, John Wiley & Sons, vol. 85(3), pages 691-714, January.

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