(1998). Laissez‐faire Social Darwinism and individualist competition in Darwin and Huxley. The European Legacy: Vol. 3, On Social Darwinism, pp. 17-30.

Traditional corporate finance endorses the principle of stockholder wealth maximization as the purpose of business. In light of recent scandals and legislation, businesses are increasingly expected to use financial resources in a manner which benefits society and not just the owners of the firm. This imputation of a corporate soul will necessarily reduce investor returns, which has at least two major financial implications for the firm and the economy. The first is that it may cause investors to change their required (...) rates of return and thereby change the amount of capital available to firms, and the economy. The second is that it may implicitly replace equity with debt in the capital structure of firms, with all that implies for financing and corporate governance. The purpose of this article is to examine these implications and evaluate their sometimes counterintuitive consequences. (shrink)

In a recent comment on the HFEA’s public consultation on sex selection, Soren Holm claimed that proponents of family balancing are committed to embrace a laissez faire approach. Given that arguments in support of sex selection for family balancing also support sex selection for other social reasons, advocates of family balancing, he asserts, are simply inconsistent when calling for a limit on access to sex selection. In this paper, I argue that proponents of family balancing are in no (...) way inconsistent. Provided their advocacy of family balancing is aimed at preventing a severe distortion of the natural sex ratio, they are entirely justified in insisting on restrictions to sex selection. The real question is whether a concern for the sex ratio does indeed call for a limit on sex selection. Based on a recent survey on gender preferences and data from several Gender Clinics, I argue that a restriction on sex selection to family balancing is unwarranted. In the absence of any evidence for a pending sex ratio distortion, we are actually required to adopt a laissez faire approach to sex selection. (shrink)

In Animal Ethics in Context, Clare Palmer tries to harmonise two competing approaches to animal ethics. One focuses on the morally relevant capacities that animals possess. The other is the Laissez-Faire Intuition (LFI): the claim that we have duties to assist domesticated animals but should (at least generally) leave wild animals alone. In this paper, I critique the arguments that Palmer offers in favour of the No-Contact LFI - the view that we have (prima facie) duties not to (...) harm wild animals but no duties to assist them. I argue that Palmer's endorsement of the No-Contact LFI is unwarranted. Her arguments actually provide strong reasons to endorse what I call the Gradient View - a position that posits weak presumptive duties to assist wild animals that become stronger as our relations with the animals grow stronger. (shrink)

This response to Edgar Dahl’s paper in this issue of Health Care Analysis clarifies my argument concerning sex selection and shows that our disagreement is less than he believes it is.

NED HETTINGER | : This essay explores the tension between concern for the suffering of wild animals and concern about massive human influence on nature. It examines Clare Palmer’s animal ethics and its attempt to balance a commitment to the laissez-faire policy of nonintervention in nature with our obligations to animals. The paper contrasts her approach with an alternative defence of this laissez-faire intuition based on a significant and increasingly important environmental value: Respect for an Independent (...) Nature. The paper articulates and defends naturalness value and explores its implications for the laissez-faire intuition and for concern about wild-animal suffering. | : Le présent essai examine la tension entre la préoccupation pour la souffrance des animaux sauvages et celle concernant l’influence massive des humains sur la nature. Il examine l’éthique animale de Clare Palmer, notamment sa tentative d’atteindre un équilibre entre la politique de non-intervention dans la nature dite du « laissez-faire » et nos engagements envers les animaux. L’article propose une approche alternative à celle de Palmer qui, tout en défendant cette intuition du « laissez-faire », se fonde cette fois sur une valeur environnementale significative de plus en plus importante : le Respect pour une Nature Indépendante. Le texte articule et défend la valeur de naturalité et examine les implications de celle-ci pour l’intuition du « laissez-faire » ainsi que pour le souci envers la souffrance des animaux sauvages. (shrink)

To understand the work of economic theorists it is often helpful to situate it in the context of the rhetorical strategy they were pursuing. Two ontologically distinct rhetorical strategies of laissez-faire may be distinguished by the way they articulate the individual interest with the general interest. A reductionist approach, exemplified by Friedman and Lucas, suggests that the properties and behaviour of an entity can be understood in terms of the properties and behaviour of the constituent lower-level components, taken (...) in isolation. The contrary – holistic – stance, viewing the qualities of phenomena as products of the inter-relations between their component parts, is characteristic of Smith and Hayek. While the reductionist approach naturally issues in a laissez- faire policy prescription, the holistic account is more problematic. Reconciling a holistic ontology with a reductionist policy prescription requires the intercalation of a black box, such as an evolutionary process or the invisible hand of a deity. (shrink)

The 2008 crisis has revived debates on the relevance of laissez-faire, and thus on the role of the State in a modern economy. This volume offers a new exploration of the writings of Keynes and Friedman on this topic, highlighting not only the clear points of opposition between them, but also the places in which their concerns where shared. This volume argues that the parallel currently made with the 1929 financial crisis and the way the latter turned into (...) the Great Depression sheds new light on the proper economic policy to be conducted in both the short- and the long-run in a monetary economy. In light of the recent revival in appreciation for Keynes’ ideas, Rivot investigates what both Keynes and Friedman had to say on key issues, including their respective interpretations of both the 1929 crisis and the Great Depression, their advocacy of the proper employment policy, and the theoretical underpinnings of the latter. The book asks which lessons should be learnt from the Thirties? And what is the relevance of Keynes’ and Friedman’s respective pleas for today? (shrink)

For many economists, including those who have made the most marked contribution to the development of the discipline, their work has to be understood in the context of the rhetorical strategy they were pursuing – what they wanted to persuade us of and how they wanted to do it. The paper identifies two fundamental rhetorical strategies of laissez-faire resting on entirely distinct ontological foundations. What distinguishes these two strategies is the way they articulate the individual with the general (...) interest, how they relate the micro to the macro. The two strategies discussed in the paper are characterised by the stance they take on a fundamental ontological issue, the way in which the things which appear to us in the world are related to the things or matters which compose them. A reductionist approach suggests that we can understand an entity at one level as a congeries. An entity in this view is just an aggregate of entities at a lower, substrate level – a purely external unity. The properties and behaviour of an entity can then be understood in terms of the properties and behaviour of the constituent lower-level components, taken in isolation. In this approach, phenomena at some level are regarded as having just the qualities enjoyed by its lower-level, substrate elements, writ large. The contrary, holistic, stance is to view the qualities of phenomena at one level as emergent at that level, and to assert that an entity can be understood as a product of the inter-relations between its component parts. We have, then, a pair of contrasted approaches: a polarity which is productive in the study of schools of thought, of competing methodologies, and of rhetorical strategies in economics. The paper applies this approach to the work of Smith, Keynes, Hayek, Lucas and Friedman. (shrink)

For many economists, including those who have made the most marked contribution to the development of the discipline, their work has to be understood in the context of the rhetorical strategy they were pursuing – what they wanted to persuade us of and how they wanted to do it. The paper identifies two fundamental rhetorical strategies of laissez-faire resting on entirely distinct ontological foundations. What distinguishes these two strategies is the way they articulate the individual with the general (...) interest, how they relate the micro to the macro. The two strategies discussed in the paper are characterised by the stance they take on a fundamental ontological issue, the way in which the things which appear to us in the world are related to the things or matters which compose them. A reductionist approach suggests that we can understand an entity at one level as a congeries. An entity in this view is just an aggregate of entities at a lower, substrate level – a purely external unity. The properties and behaviour of an entity can then be understood in terms of the properties and behaviour of the constituent lower-level components, taken in isolation. In this approach, phenomena at some level are regarded as having just the qualities enjoyed by its lower-level, substrate elements, writ large. The contrary, holistic, stance is to view the qualities of phenomena at one level as emergent at that level, and to assert that an entity can be understood as a product of the inter-relations between its component parts. We have, then, a pair of contrasted approaches: a polarity which is productive in the study of schools of thought, of competing methodologies, and of rhetorical strategies in economics. The paper applies this approach to the work of Smith, Keynes, Hayek, Lucas and Friedman. (shrink)

For many economists, including those who have made the most marked contribution to the development of the discipline, their work has to be understood in the context of the rhetorical strategy they were pursuing – what they wanted to persuade us of and how they wanted to do it. The paper identifies two fundamental rhetorical strategies of laissez-faire resting on entirely distinct ontological foundations. What distinguishes these two strategies is the way they articulate the individual with the general (...) interest, how they relate the micro to the macro. The two strategies discussed in the paper are characterised by the stance they take on a fundamental ontological issue, the way in which the things which appear to us in the world are related to the things or matters which compose them. A reductionist approach suggests that we can understand an entity at one level as a congeries. An entity in this view is just an aggregate of entities at a lower, substrate level – a purely external unity. The properties and behaviour of an entity can then be understood in terms of the properties and behaviour of the constituent lower-level components, taken in isolation. In this approach, phenomena at some level are regarded as having just the qualities enjoyed by its lower-level, substrate elements, writ large. The contrary, holistic, stance is to view the qualities of phenomena at one level as emergent at that level, and to assert that an entity can be understood as a product of the inter-relations between its component parts. We have, then, a pair of contrasted approaches: a polarity which is productive in the study of schools of thought, of competing methodologies, and of rhetorical strategies in economics. The paper applies this approach to the work of Smith, Keynes, Hayek, Lucas and Friedman. (shrink)

The concept of _feeling trusted_, which has received far less attention from researchers than _trusting_, refers to the trustee’s awareness of trustor’s exposed vulnerability and positive expectations. Previous research has merely centered on employees’ feeling of being trusted by their leaders and its influences on their work-related outcomes, but there is little work about the impact of leader feeling trusted by employees. Grounded in social exchange theory and moral licensing theory, the current research centers on explaining why leaders’ sense of (...) being trusted by employees brings about both positive and negative reactions and considering how leaders’ moral identity moderates these effects. One qualitative study and two quantitative studies were conducted to examine the benefits and drawbacks of leader feeling trusted. Results demonstrated that leader feeling trusted has two main consequences: trusted leaders are more likely to have strong feelings of obligation toward their subordinates, and further engage in benevolent leadership behavior to repay the kindness; and leaders’ sense of being trusted may be conducive to the accumulation of moral credits, thereby stimulating leaders to display laissez-faire leadership behavior. Additionally, our findings indicate that the leader’s moral identity would affect the decisions of the trusted leader to behave better or worse, which promotes benevolent leadership behavior through enhanced felt obligation, and lessens laissez-faire leadership behavior via reduced moral credits. (shrink)

ABSTRACT Both Constant and Spencer are moralists who want to encourage individual human perfection. But for Constant, politics has moral value even in a laissez-faire state, whereas for Spencer political participation has no moral value in itself. For Constant, from a moral perspective the historical change from an ancient to a modern conception of liberty is not absolute, and he wishes to retain, in a subordinate role, certain aspects of ancient liberty in modern societies. For Spencer, the historical (...) evolution from militant to industrial society involves the complete separation of politics from any positive moral good. In an industrial society, altruism has no connection with politics, and attempt to bring altruism into politics are not only doomed to failure but iare unjust and therefore immoral. Spencer is a leading figure in the separation of classical liberal thought from perfectionist morality that flourishes in the twentieth century. The separation between classical and modern liberalism that takes place in the fin de siècle is not just a matter of economics – as is shown by the fact that both Spencer and Constant are ardent apostles of laissez-faire – it is above all a question of different attitudes to morality. (shrink)

Liberal political theory is all too familiar with the divide between classical and welfare-state liberals. Classical liberals, as we all know, insist on the importance of small government, negative liberty, and private property. Welfare-state liberals, on the other hand, although they too stress civil rights, tend to be sympathetic to “positive liberty,” are for a much more expansive government, and are often ambivalent about private property. Although I do not go so far as to entirely deny the usefulness of this (...) familiar distinction, I think in many ways it is misleading. In an important sense, most free-market liberals are also “welfare-state” liberals. I say this because the overwhelming number of liberals, of both the pro-market and the pro-government variety, entertain a welfarist conception of political economy. On this dominant welfarist view, the ultimate justification of the politico-economic order is that it promotes human welfare. Traditional “welfare-state liberals” such as Robert E. Goodin manifestly adopt this welfarist conception. But it is certainly not only interventionists such as Goodin who insist that advancing welfare is the overriding goal of normative political economy. J. R. McCulloch, one of the great nineteenth-century laissez-faire political economists, was adamant that “freedom is not, as some appear to think, the end of government: the advancement of public prosperity and happiness is its end.” To be sure, McCulloch would have disagreed with Goodin about the optimal welfare-maximizing economic policy: the welfarist ideal, he and his fellow classical political economists believed, would best be advanced by provision of a legal and institutional framework — most importantly, the laws of property, contract, and the criminal code — that allows individuals to pursue their own interests in the market and, by so doing, promote public welfare. In general, what might be called the “classical-liberal welfare state” claims to advance welfare by providing the framework for individuals to seek wealth for themselves, while welfarists such as Goodin insist that a market order is seriously flawed as a mechanism for advancing human welfare and, in addition, that government has the competency to “correct market failures” in the provision of welfare. (shrink)

Can John Stuart Mill’s radicalism achieve liberal egalitarian ends? Joseph Persky’s The Political Economy of Progress is a provocative and compelling discussion of Mill’s economic thought. It is also a defense of radical political economy. Providing valuable historical context, Persky traces Mill’s intellectual journey as an outspoken proponent of laissez-faire to a cautious supporter of co-operative socialism. I propose two problems with Persky’s optimistic take on radical social reform. First, demands for substantive equality have led past radicals to (...) endorse exclusionary nationalist and eugenics policies. It pushes some contemporary radicals towards illiberal interventions into intimate social life. Second, the radical critique of capitalism relies on an account of profit that neglects the epistemic function of private-property markets. Once this is acknowledged, capitalism retains some progressive credentials against radical alternatives. (shrink)

Thomas Schelling has described how each of us is made up of conflicting impulses. The art of managing these impulses Schelling dubs ?egonomics?. The idea of egonomic calamity underlies paternalism (or, breaking convention, what I call ?parentalism'). The paper argues for laissez?faire in matters egonomic. The rationalizations I give for this libertarian sentiment are old ones, such as accentuating the dignity of the individual and letting the individual learn from example and from his own experience. Also I note, (...) as H. L. Mencken did, that parentalist measures often have unhappy unintended consequences, sometimes are counter?productive, and rarely are borne of sincere good?will. (shrink)

ArgumentContrary to common portrayals of social Darwinism as a transference of laissez-faire values, the widely read evolutionism of Japan's foremost Darwinist of the early twentieth-century, Oka Asajirō (1868–1944), reflects a statist outlook that regards capitalism as the beginning of the nation's degeneration. The evolutionary theory of orthogenesis that Oka employed in his 1910 essay, “The Future of Humankind,” links him to a pre-Darwinian idealist tradition that depicted the state as an organism that develops through life-cycle stages. For Oka, (...) laissez-faire capitalism marked the moment when the state began to decline toward extinction due to the orthogenetic overdevelopment of hitherto subordinate individual egos. Because conservative bureaucrat-intellectuals had been drawing upon this same organicist-developmental tradition since the 1880s in an attempt to forestall the social ills of industrialism, Oka's call for statist measures, including eugenics, to lessen and delay the atomizing, enervating, and corrupting influence of capitalism articulated the political vision of officialdom. Statist evolutionism, not social Darwinism, might be the term that best describes Oka's approach. (shrink)

Employee time theft is a costly and prevalent unethical work behavior. Yet, this construct has received less attention compared to other unethical behaviors, and as such, the literature has only a rudimentary understanding of why employees engage in time theft. Thus, the primary goal of this research is to provide greater insight into both _why_ employees engage in time theft and _who_ is most likely to engage in time theft. To do so, we draw from social information processing theory to (...) examine the effect of laissez-faire leadership on employee time theft. More specifically, we propose that laissez-faire leadership is related to employee time theft through workplace time theft norms. We further propose that this indirect effect is contingent on employee conscientiousness, such that the indirect effect of laissez-faire leadership on employee time theft is stronger for individuals lower in conscientiousness. We conducted two three-wave field studies to test our predictions. The results of Study 1 supported our prediction that workplace time theft norms mediate the effect of laissez-faire leadership on employee time theft. Study 2 replicated and extended this finding by offering evidence for the conditional indirect effect of employee conscientiousness. Implications for future research and managerial practice are discussed. (shrink)

The view of Mandeville as a pioneer of laissez-faire is difficult to reconcile with his repeated insistence that private vices were turned into public benefits by the 'dexterous management of the skilful politician'. Even if references to the skilful politician are regarded as shorthand for a legal and institutional framework, there remains the question of whether such a framework is a spontaneous order or the product of purposeful experiment as Mandeville thought? Mandeville warned about the harmful effects of (...) meddling but his complaint was about the actions of fashionable do-gooders rather than government. He understood that the voluntariness of a transaction could be regarded as a defence against complaints of unfairness but he was quick to point out the limitations of voluntariness especially in the market for labour. Mandeville's objective was to teach people what they are not what they should be. He pointed to the strengths of the emerging market system but was not afraid to expose its faults. (shrink)

Although high-performance work practices have been shown to increase organizational performance and improve employee attitudes, it still remains unclear how they impact interpersonal relations in the workplace. While some argue that HPWPs lead to better interpersonal relations, others fear that HPWPs may increase competition and uncivil and abusive behaviors. In response to this, our aim is to examine whether and when HPWPs are associated with increased levels of competition and thereby more incivility. Given recent interest in how HR practices and (...) leadership may interact to produce certain outcomes, we study laissez-faire leadership as a possible moderator. A survey was conducted in Belgium, and a mediated moderation analysis using SEM performed using Mplus. The results suggest that in the absence of laissez-faire leadership, HPWPs are associated with less incivility, thus suggesting better interpersonal relations. However, the results also show that HPWPs may lead to increased competition and thereby somewhat more incivility, under conditions of laissez-faire leadership. The results thus point to the importance of studying interactions between HR practices and leadership in trying to understand employee outcomes. In terms of practical implications, the results suggest that investing in HPWPs may reduce incivility and thereby improve relationship wellbeing. However, HPWPs need to be combined with active leadership to avoid undesirable negative consequences. (shrink)

In Carr’s ethics, there is a link between the rise of the socialised nation and the crisis of laissez faire due to its loss of legitimacy among the lesser privileged. How far is this link in Carr’s ethics relevant today? There are two aspects to this relevance – theoretical and empirical. Theoretically, the article argues, Carr’s analysis is relevant to the statist-cosmopolitan debate on global justice. It highlights the political vacuum in which this debate operates in the absence (...) of a framework of rights and obligations under laissez faire. Consequently, statist and cosmopolitan arguments are implicit in their acceptance of the violence committed by the status quo and lack the legitimacy Carr deemed necessary for international justice in the age of the socialised nation. The article then turns to highlight the empirical relevance of this critique. Here, it argues that the resurgence of nationalism in world politics shows that the problem of legitimacy is especially pressing today. The article thus calls for the debate on global justice to engage more seriously with Carr’s analysis of the crisis of laissez faire – specifically the legitimacy problem it raises in the twenty-first century. (shrink)

In Carr’s ethics, there is a link between the rise of the socialised nation and the crisis of laissez faire due to its loss of legitimacy among the lesser privileged. How far is this link in Carr’s ethics relevant today? There are two aspects to this relevance – theoretical and empirical. Theoretically, the article argues, Carr’s analysis is relevant to the statist-cosmopolitan debate on global justice. It highlights the political vacuum in which this debate operates in the absence (...) of a framework of rights and obligations under laissez faire. Consequently, statist and cosmopolitan arguments are implicit in their acceptance of the violence committed by the status quo and lack the legitimacy Carr deemed necessary for international justice in the age of the socialised nation. The article then turns to highlight the empirical relevance of this critique. Here, it argues that the resurgence of nationalism in world politics shows that the problem of legitimacy is especially pressing today. The article thus calls for the debate on global justice to engage more seriously with Carr’s analysis of the crisis of laissez faire – specifically the legitimacy problem it raises in the twenty-first century. (shrink)

Federic Bastiat came on to the economic scene in 1844 and died in 1850. He filled the pages with his analyses of economic relations and the effects of government plunder, regulation and transfers. He fulfilled the first character of a scientist, he was unterrifed. Before his writings he had had a quarter century of study of economics. He immersed himself in the major economic writings of the discipline. The French economists, Cantillon, Quesnay, Turgot, Dupont, Condorcet, Condillac, Say, Destutt de Tracy, (...) some of them precursors of Adam Smith, had been the leaders in the science of economics. The two leading disciples of Say, Charles Dunoyer and Charles Comte, had edited the major Liberal periodical, le Censeur europeen, from which Bastiat drew his thinking. Bastiat, like Say and Destutt de Tracy, was translated and published in the United States. Bastiat has had his greatest impact during the second half of the twentieth century on American public opinion.Frédéric Bastiat apparut sur la scène économique en 1844 et mourut en 1850. Parmi ses écrits figurent ses analyses des relations économiques et les effets du pillage, des régulations et des transferts étatiques. Il avait le tempérament essentiel d’un scientifique, celui de ne pas avoir peur. Avant d’écrire, il avait étudié l’économie pendant un quart de siècle. Il s’immergea dans les écrits des principaux auteurs de la théorie économique. Les économistes français, Cantillon, Quesnay, Turgot, Dupont, Condorcet, Condillac, Say, Destutt de Tracy, dont certains furent des précurseurs d’Adam Smith, avaient été les chefs de file de la science économique. Les deux principaux disciples de Say, Charles Dunoyer et Charles Comte, avaient édité le principal périodique libéral, le Censeur Européen, qui inspira les écrits de Bastiat. Tout comme Say et Destutt de Tracy, Bastiat fut traduit en Americain. L’impact majeur de Bastiat se fit sentir sur l’opinion publique aux Etats-Unis durant la seconde moitié du vingtième siècle. (shrink)

The paper suggests that Bastiat’s theory of interests, harmony, and the State is rooted in a particular conception of Natural Right, in which the Lockeans and thomistic streams of thought meet. But it also suggests that Bastiat’s interpretation of the role that Providence plays in human events is not able to give a sustainable theory of liberal order. The paper also considers the criticisms to Bastiat’s economic and political theory coming from exponents of classical liberalism, from the Austrians, and from (...) Catholic thinkers of that time, such as L. Taparelli d’Azeglio and M. Liberatore.The conclusion is that although the economic theory of Bastiat is by now obsolete from the conceptual point of view, his political theory and his criticism of the state do remain extraordinarily topical.Cet article suggère que les théories des intérêts, de l’harmonie et de l’Etat de Bastiat sont ancrées dans une conception particulière du droit naturel au confluent des pensées lockéenne et thomiste. Cependant, il suggère aussi que l’interprétation que donne Bastiat du rôle de la Providence dans les affaires humaines ne débouche pas sur une théorie recevable de l’ordre libéral. L’article examine aussi les critiques qu’adressent les partisans du libéralisme classique-tels que les économistes autrichiens, les penseurs catholiques de l’époque comme L. Taparelli d’Azeglio et M. Liberatore-à l’égard des théories économiques et politiques de Bastiat. L’article conclut que le caractère obsolète des théories de Bastiat d’un point de vue conceptuel ne remet pas en cause la singulière actualité de sa théorie politique et de sa critique de l’Etat. (shrink)

The eighteenth-century Physiocrats are widely considered to be precursors to classical economics, the French ninteenth-century Economistes, and contemporary free-market economics. They advocated free trade against mercantilism, and natural law against despotism. Although the Physiocrats also contributed to Walras and modern economic engineering, they fit squarely within the French (and world) liberal tradition.