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Liberty and the Market

In: The Economics of Friedrich Hayek

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  • G. R. Steele

Abstract

The respect for property is a trait that has been identified in ‘all vertebrates, and very clearly in primates’ (Radnitzky, 1990, p. 161). In respect of the voluntary exchange of material goods — probably a uniquely human characteristic — a mutual recognition of ownership must first exist.1 It follows that property rights have been present with even the most primitive of cultural forms since, in the absence of an individual’s right to protection, the idea of ‘harming others’ has no meaning. In the cultural context of modern capitalism, well-defined legal entitlements to property were essential for the unintended consequences of human action to enhance rather than to threaten social cohesion. Hayek points to David Hume’s precepts for just conduct: stability of possession (the inviolability of property); transference by consent (freedom of contract); and the fulfilment of promises (compensation for damages).

Suggested Citation

  • G. R. Steele, 2007. "Liberty and the Market," Palgrave Macmillan Books, in: The Economics of Friedrich Hayek, edition 0, chapter 4, pages 61-77, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80148-6_4
    DOI: 10.1057/9780230801486_4
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