An Ordoliberal Interpretation of Adam Smith

The aim of the following paper is to examine the complementarities (and divergences) between the ‘Paleo-liberal’ Adam Smith and the Ordoliberal Walter Eucken. Following the hypothesis that Smith is among the forerunners and predecessors of Ordoliberalism and Social Market Economy, we try to provide...

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Bibliographic Details
Published in:Ordo (Stuttgart, Germany) Germany), 2010-01, Vol.61 (1), p.29-51
Main Authors: Klump, Rainer, Wörsdörfer, Manuel
Format: Article
Language:English
Subjects:
Commerce
Commutative justice
Comparative analysis
Distributive justice
Economic liberalism
Economic theory
Eucken, Walter
Freedom
Hauptteil
History of economic thought
Laissez faire
Liberalism
Market economies
Market economy
Monopoly
Philosophical thought
Self interest
Smith, Adam
Social economics
Socioeconomics
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Summary:The aim of the following paper is to examine the complementarities (and divergences) between the ‘Paleo-liberal’ Adam Smith and the Ordoliberal Walter Eucken. Following the hypothesis that Smith is among the forerunners and predecessors of Ordoliberalism and Social Market Economy, we try to provide the reader with an insight into the socio-political philosophy of Smith and Eucken pointing at similarities and differences alike. Therefore, we base our examination on a systematic primary source text analysis comparing the books and essays written by Eucken and Smith. The paper tackles these questions in two main steps: The first part highlights Smith’s and Eucken’s complex and interdependent system of natural liberty. The second section reviews Smith’s and Eucken’s philosophy of the state.
ISSN:0048-2129
2366-0481
DOI:10.1515/ordo-2010-0105