ABSTRACT
This chapter explores FA Hayek’s view on the nature of law and regulation and their respective roles in a free society. Hayek saw the market as based on legal foundations which evolved to support its spontaneous order. However, he also ascribed a ‘considerable’ role to the state in regulating economic and social activity. To constrain the state’s coercion and the growth of regulation Hayek set out several principles the most important of which was the rule of law. This chapter critically assesses whether Hayek’s competitive liberalism provides an adequate basis for framing good regulation and limiting its growth.
Veljanovski, Cento, Liberalism and the Regulatory State (May 18, 2024).
Leave a Reply