Market Freedom as Antipower

ROBERT S. TAYLOR
AMERICAN POLITICAL SCIENCE REVIEW 107.3 (2013): 593-602

Abstract: Historically, republicans were of different minds about markets: some, such as Rousseau, reviled them, while others, like Adam Smith, praised them. The recent republican resurgence has revived this issue. Classical liberals such as Gerald Gaus contend that neorepublicanism is inherently hostile to markets, while neorepublicans like Richard Dagger and Philip Pettit reject this characterization—though with less enthusiasm than one might expect. It is argued that the right republican attitude toward competitive markets is celebratory rather than acquiescent and that republicanism demands such markets for the same reason it requires the rule of law: because both are essential institutions for protecting individuals from arbitrary interference. The author reveals how competition restrains—and in the limit, even eradicates—market power and thereby helps us realize “market freedom,” i.e., freedom as nondomination in the context of economic exchange. Finally, he shows that such freedom necessitates “Anglo-Nordic” economic policies.