Reason does not question the market and is not allowed to do so. It accepts it as a neutral and objective assessment authority. The market takes the place of reason on a collective, social level: it is not the human being, but the market (mediated by prices) that provides for a good and appropriate social order. Man’s attitude towards the market is passive, believing, almost submissive. Probably nothing expresses this irrationalism better than Adam Smiths’ formulation of the invisible hand, which neoliberals like to quote – but which for Smith nevertheless did not have the meaning that some people ascribe to it (Herrmann 2017).
Markets are always just and superior to any other distribution variant, according to Hayek. By definition, compulsion does not come from the market.
Climate crisis and social transformation in the Age of Corona
by Norbert Trenkle, 3/28/2020
Material wealth in the form of useful things and utilities is only a means subordinated tot he objective of capital accumulation and is sacrificed when that objective can no longer be achieved… Without the state, capitalist society would fly apart immediately. The state, however, is an essential precondition for abstract wealth production and dependent on it.
The George Floyd moment: Promise and Peril
by Randall Kennedy, June 19, 2020
From Lincoln to Obama, we have seen periods of racial progress before.