Deliberative democracy serves to fill in the gaps left open by other social mechanisms, such as the marketplace, argues critical theorist Jürgen Habermas. In contrast, Austrian economist F. A. Hayek argued that the communicative power of competitive markets is vastly superior to politics for coordinating an increasingly complex and dynamic society.
The Communicative Character of Capitalistic Competition
A Hayekian Response to the Habermasian Challenge
By Michael Wohlgemuth
This
article
appeared in
the Summer 2005 issue of The Independent Review.
Economic History and DevelopmentEconomistsEconomyFree Market EconomicsGovernment and PoliticsLaw and LibertyPhilosophy and ReligionPolitical TheoryPublic Choice
Other Independent Review articles by Michael Wohlgemuth | |
Fall 1997 | Has John Roemer Resurrected Market Socialism? |