There is an odd proximity between Hayek, hero of the libertarian right, and Rawls, theorist of social justice, because, at the level of principle, Hayek was in some important respects a Rawlsian. Although Hayek said that the idea of social justice was nonsense, he argued against only a particular principle of social justice, one that Rawls too rejected, namely distribution according to individual merit. Any attempt to make reward and merit coincide, Hayek argued, would undermine the market's price system, leaving (...) us all poorer and less free. Like Rawls, Hayek held that we should assess social institutions from behind a veil of ignorance, and he thought that doing so pushed us toward egalitarianism. Most of the distance between Hayek and Rawls at the level of policy stems from Hayek's optimism about the operation of markets, his equivocation about the meaning of central concepts, and his appeal to under-argued slippery slopes. Hayek wavered, however, between claiming that private property and markets benefit everyone, compared to the feasible alternatives, and the principle that they maximize the opportunities of a randomly selected member of society, i.e., aggregate opportunity. Contemporary Hayekians claim that capitalism raises the position of the worst off in the long run, in future generations, whereas Rawlsians insist that inequalities between social positions should benefit the worst off now. (shrink)

This article examines the most prominent interwar economist at the University of Chicago, Frank Knight, through the lens of a controversial 1932 lecture in which he exhorted his audience to vote Communist. The fact that he did so poses a historical problem: why did the premier American exponent of conservative economic principles appear to advocate a vote for radical change? This article argues that the speech is representative of Knight's deliberately paradoxical approach, in which he refused to praise markets without (...) adding caveats about their substantial limitations, and expressed support for freedom of discussion alongside his skepticism of the public's capacity to exercise the privilege. In parsing these tensions, the article revises the conventional interpretation of Knight, illuminates the contested environment within which postwar free-market economics emerged, and reexamines a restrained defense of capitalism that has been largely forgotten in the subsequent years. (shrink)

The recent posthumous publication of John Rawls's undergraduate thesis 'A Brief Inquiry Into the Meaning of Sin and Faith: An Interpretation Based on the Concept of Community' constitutes a welcome opportunity to examine the relationships between Rawls's religious commitments and his political philosophy. In this essay, informed by a complete examination of Rawls's archived papers at Harvard, I set out some of these commitments, trace their development over time, and indicate some of the ways they find expression in Rawls's political (...) thought. In the 1990s Rawls characterized his life's work as addressed to a question 'essentially religious in nature': Can human nature be redeemed? It is perhaps, then, no surprise that reading his work against the background of his, eventually non-theistic, religious commitments and concerns helpfully casts it in a new light. (shrink)