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www.ebook3000.com The Strong State and the Free Economy www.ebook3000.com The Strong State and the Free Economy Werner Bonefeld London • New York Published by Rowman & Littlefield International Ltd Unit A, Whitacre Mews, 26–34 Stannary Street, London SE11 4AB www.rowmaninternational.com Rowman & Littlefield International Ltd is an affiliate of Rowman & Littlefield 4501 Forbes Boulevard, Suite 200, Lanham, Maryland 20706, USA With additional offices in Boulder, New York, Toronto (Canada), and Plymouth (UK) www.rowman.com Copyright © 2017 by Werner Bonefeld All rights reserved No part of this book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without written permission from the publisher, except by a reviewer who may quote passages in a review British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library ISBN: HB 978-1-7834-8627-4 PB 978-1-7834-8628-1 Library of Congress Cataloging-in-Publication Data Is Available Names: Bonefeld, Werner, 1960– author Title: The strong state and the free economy / Werner Bonefeld Description: London ; New York : Rowman & Littlefield International, [2017] | Includes bibliographical references and index Identifiers: LCCN 2017007962 (print) | LCCN 2017016249 (ebook) | ISBN 9781783486298 (Electronic) | ISBN 9781783486274 (cloth : alk paper) | ISBN 9781783486281 (pbk : alk paper) Subjects: LCSH: European Union countries—Economic policy | Liberalism—European Union countries | Free enterprise—European Union countries Classification: LCC HC240 (ebook) | LCC HC240 B64145 2017 (print) | DDC 337.1/42—dc23 LC record available at https://lccn.loc.gov/2017007962 The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences – Permanence of Paper for Printed Library Materials, ANSI/NISO Z39.48–1992 Printed in the United States of America www.ebook3000.com This book is dedicated to my son Declan www.ebook3000.com Contents Acknowledgementsix 1 T he Strong State and the Free Economy: German Ordoliberalism, Political Theology and European Democracy 2 The Free Economy as Political Practice 19 3 Democracy and Freedom: On Authoritarian Liberalism 47 4 E conomic Constitution and Social Order: On the Freedom of Complete Competition 69 5 Social policy: From the Class Society to the Enterprise Society 93 6 E urope and the Idea of Subsidiarity: On the Elements of Ordoliberalism 115 7 E uropean Monetary Union: Economic Constitution and Ordnungspolitik135 8 A uthoritarian Liberalism and the Euro: On the Political Theology of the Executive State 155 Bibliography 171 Index191 vii www.ebook3000.com Acknowledgements I had the good fortune to present some chapter drafts at conferences, including the workshop on the New Right at Queen Mary University, London, S eptember 2015; the conference Is There No Alternative: The European Union, Global Crisis, and Authoritarian Liberalism? at Kings College, London, March 2016; the conference Ordoliberalism as an Irritating German Idea, the Hertie School of Governance, Berlin, May 2016; the Manchester Graduate Conference, Is There No Alternative to Europe?, Manchester Jean Monnet Centre of Excellence, Manchester University, June 2016; and the Festkolloquium in celebration of the seventy-fifth birthday of honorary Senator Prof Dr h.c Horst Weitzmann, Der Ordoliberalismus: Chance oder Gefahr für Europe, University of Freiburg, September 2016 I thank all participants for their insightful comments, discussions and helpful criticisms Special thanks are due to Allison Howson, Ray Kiely, Richard Saull, Neil Davidson, Nicola Short, Daniel Woodley, Alexander Avienas, Alex Callinicos, Magnus Ryner, Lucia Pradella, Tim Stanton, Christian Jörges, Josef Hien, Thomas Biebricher, Frieder Vogelmann, Angela Wigger, William Harvey, Gabriel Siles-Brügge, Angeliki Stogia, Dimitris Papadimitriou, Lars Feld, Victor Vanberg, Tim Krieger, Phil Cerny, Volker Berghahn and Brigitte Young I am most grateful to Peter Burnham and Hugo Radice for their advice, and especially to Greig Charnock and Huw Macartney for reading and commenting on the whole manuscript, seeing things that I had failed to see The responsibility for this piece of work is of course entirely my own The book was made possible by a Leverhulme Trust Research Fellowship I am grateful to the Leverhulme Trust for its award ix Bibliography 185 Röpke, Wilhelm [1958] 1998 A Human Economy Wilmington, DE: ISI Books Röpke, Wilhelm [1962] 2000 Europa in der Welt von heute Zürich: Schulthess Röpke, Wilhelm [1944] 2002 The Moral Foundation of Civil Society New Brunswick, NJ: Transaction Publishers Röpke, Wilhelm [1942] 2009 The Social Crisis of Our Time New Brunswick, NJ: Transaction Publishers Rossiter, Clinton L 1948 Constitutional Dictatorship Crisis Government in the Modern Democracies Princeton, NJ: Princeton University Press Roth, Karl-Heinz 2001 ‘Klienten des Leviatans’ 1999: Zeitschrift für Sozialgeschichte des 20 und 21 Jahrhunderts 16 (2): 13–41 Rüstow, Alexander 1942 ‘General Sociological Causes of the Economic Disintegration and Possibilities of Reconstruction’ In Afterword to Wilhelm Röpke, International Economic Disintegration, 267–83 London: Hodge Rüstow, Alexander 1953 ‘Soziale Marktwirschaft als Gegenprogramm gegen Kommunismus und Bolschewismus’ In Wirtschaft ohne Wunder, edited by Albert Hunold, 97–127 Zürich: Rentsch Rüstow, Alexander 1954 ‘Vom Sinn der Wirtschaftsfreiheit’ Blätter der Freiheit 6 (6): 217–22 Rüstow, Alexander [1929] 1959 ‘Diktatur innerhalb der Grenzen der Demokratie’ Vierteljahreshefte für Zeitgeschichte (1): 87–111 Rüstow, Alexander [1932] 1963 ‘Die staatspolitischen Vorraussetzungen des wirtschaftspolitischen Liberalismus’ In Rede und Antwort, 249–58 Ludwigsburg: Hoch Rüstow, Alexander 1963 Rede und Antwort Ludwigsburg: Hoch Rüstow, Alexander 2005 Freiheit und Herrschaft Münster LIT Verlag Rüstow, Alexander 2009 Die Religion der Marktwirtschaft Berlin: LIT Verlag Ryner, Magnus 2015 ‘Europe’s Ordoliberal Iron Cage: Critical Political Economy, the Euro Area Crisis and Its Management’ Journal of European Public Policy 22 (2): 275–94 Scheuerman, William 1996 ‘Introduction’ In The Rule of Law under Siege, edited by William E Scheuermann, 1–25 Berkley, CA: University of California Press Scheuerman, William 1999 Carl Schmitt The End of Law Boulder CO: Rowman & Littlefield Scheuerman, William 2016 ‘Crises and Extralegality from Above and from Below’ In Critical Theories of Crisis in Europe: From Weimar to the Euro, edited by Poul FR Kjaer and Niklas Olsen, 197–212 London: Rowman & Littlefield Schlesinger, Arthur 1958 The Age of Roosevelt Cambridge, MA: Riverside Press Schmidt, Alfred [1962] 2014 The Concept of Nature in Marx London: Verso Schmidt, Vivien 2006 Democracy in Europe Oxford: Oxford University Press Schmitt, Carl 1934 Über die drei Arten des rechtswissenschaftlichen Denkens Hamburg: Hanseatische Verlagsanstalt Schmitt, Carl [1922] 1985 Political Theology Four Chapters on the Concept of Sovereignty Chicago, IL: Chicago University Press Schmitt, Carl [1923] 1988a The Crisis of Parliamentary Democracy Cambridge, MA: MIT Press 186 Bibliography Schmitt, Carl [1932] 1988b Legalität und Legitimität Berlin: Duncker & Humblot Schmitt, Carl [1927] 1996a The Concept of the Political Chicago, Ill: University of Chicago Press Schmitt, Carl [1931] 1996b Der Hüter der Verfassung Berlin: Duncker & Humblot Schmitt, Carl [1932] 1998 ‘Sound Economy – Strong State’ In Appendix to Renato Cristi, Carl Schmitt and Authoritarian Liberalism, 212–32 Cardiff: University of Wales Press Schmitt, Carl [1928] 2008a Constitutional Theory Durham, NC: Duke University Press Schmitt, Carl [1970] 2008b Political Theology II Cambridge: Polity Press Schmitt, Carl [1921] 2013 Dictatorship From the Origin of the Modern Concept of Sovereignty to Proletarian Class Struggle Cambridge: 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German Social Democracy and the Electoral Consequence of Agenda 2010’ Socio-Economic Review, Onlinefirst doi: 10.1093/ser/mww011 Schwarz, Gerhard 1992 ‘Marktwirtschaftliche Reform und Demokratie – Eine Hassliebe’? ORDO 43: 65–90 Sheppard, Eric, and Helga Leitner 2010 ‘Quo vadis neoliberalism’? Geoforum 41 (2): 185–94 Siems, Mathias, and Gerhard Schnyder 2014 ‘Ordoliberal Lessons for Economic Stability: Different Kinds of Regulation, Not More Regulation’ Governance 27 (3): 377–96 Sievert, Olaf 1993 ‘Geld, das man nicht selbst herstellen kann: Ein ordnungspolitisches Plädoyer für die Währungsunion’ In Währungsunion oder Währungschaos? edited by Peter Bofinger, Stefan Collignon and Ernst-Moritz Lipp, 13–24 Wiesbaden: Gabler Simons, Henry 1948 Economic Policy for a Free Society Chicago, IL: Chicago University Press Sinn, Hans-Werner 2014 The Euro Trap: On Bubbles, Budgets, and Beliefs Oxford: Oxford University Press Smith, Adam [1776] 1976a The Wealth of Nations Oxford: Oxford University Press Smith, Adam [1759] 1976b The Theory of Moral Sentiments Oxford: Oxford University Press Smith, Adam [1763] 1978 Lectures on Jurisprudence Oxford: Oxford University Press Soederberg, Susanne 2014 Debtfare States and the Poverty Industry: Money, Discipline and the Surplus Population London: Routledge www.ebook3000.com Bibliography 187 Stiglitz, Joseph 2016 The Euro and Its Threat to the Future of Europe London: Allen Lane Stockhammer, Engelbert 2016 ‘Neoliberal Growth Models, Monetary Union and the Euro-Crisis A Post-Keynesian Perspective’ New Political Economy 21 (4): 365–79 Strange, Susan 1998 The Retreat of the State Manchester: Manchester University Press Strauss, Leo [1932] 1996 ‘Notes on Carl Schmitt’ In Appendix to Carl Schmitt, The Concept of the Political, 97–122 Chicago, IL: The University of Chicago Press Streek, Wolfgang 2015 ‘Heller, Schmitt and the Euro’ European Law Journal 21 (3): 361–70 Streit, Manfred, and Michael Wohlgemuth 2010 ‘The Market Economy and the State: Hayekian and Ordoliberal Conceptions’ In The Theory of Capitalism in the German Economic Traditions, edited by Peter Koslowski, 224–69 Berlin: Springer Strong, Tracy 1985 ‘Foreword’ In Carl Schmitt, Political Theology Four Chapters on the Concept of Sovereignty, vii–xxxii Chicago, IL: University of Chicago Press The Economist, 2015 ‘Germany and Economics: Of rules and order’ Accessed March 2017 http://www.economist.com/news/europe/21650565-german-ordo liberalism-has-had-big-influence-policy-during-euro-crisis-rules-and-order Tönnies, Ferdinand [1887] 2001 Community and Civil Society, edited by Jose Harris Cambridge: Cambridge University Press Tönnies, Sybille 2009 ‘Nachwort: Die liberale Kritik des Liberalismus’ In Die Religion der Marktwirtschaft, edited by Alexander Rüstow, 159–95 Berlin: LIT Verlag Tribe, Keith 1995 Strategies of Economic Order: German Economic Discourse, 1750–1950 Cambridge: Cambridge University Press Tribe, Keith 2009 ‘The Political Economy of Modernity: Foucault’s Collége de France Lectures of 1978 and 1979’ Economy and Society 38 (4): 679–98 Tullock, Gordon 1976 The Vote Motive London: The Institute of Economic Affairs Tuori, Kaarlo 2015 European Constitutionalism Cambridge: Cambridge University Press Tuori, Kaarlo, and Klaus Tuori 2014 The Eurozone Crisis Cambridge: Cambridge University Press Vanberg, Viktor 1988 ‘ “Ordnungstheorie” as Constitutional Economics The German Conception of a ‘Social Market Economy’’ ORDO 39: 17–31 Vanberg, Viktor 2001 The Constitution of Markets London: Routledge Vanberg, Victor 2002 Rules and Choice in Economics: Essays in Constitutional Economics London: Routledge Vanberg, Viktor 2011 ‘The Freiburg School: Walter Eucken and Ordoliberalism’ Freiburg Discussion Papers on Constitutional Economics Accessed 15 June 2016 http://www.eucken.de/fileadmin/bilder/Dokumente/Diskussionspapiere/04_11bw pdf Vanberg, Victor 2014 ‘Ordnungspolitik The Freiburg School and the Reason of Rules’ Freiburger Diskussionspapiere zur Ordnungsökonomie, 14/01 Accessed 188 Bibliography 25 November 2016 http://www.eucken.de/fileadmin/bilder/Dokumente/DP2014/ Diskussionspapier_1401. pdf Vanberg, Viktor 2015 ‘Ordoliberalism, Ordnungspolitik and the Reason of Rules’ European Review of International Studies (3): 27–36 van Gerven, Walter 2003 ‘European Political Integration, Comparative Law and Private Enforcement of Competition Law’ In Spontaneous Order, Organization and the Law: Roads a European Civil Society, edited by Tania Einhorn, 393–412 The Hague: Asser Press van Horn, Rob 2011 ‘Chicago’s Shifting Position on Concentration of Business Power’ Seattle University Law Review 34 (4): 1527–44 van Horn, Rob, and Phillip Mirowski 2009 ‘The Rise of the Chicago School of Economics and the Birth of Neoliberalism’ In The Road from Mont Pélerin The Making of the Neoliberal Thought Collective, edited by Philip Mirowski and Dieter Plehwe, 139–78 Cambridge, MA: Harvard University Press Van Rompuy, Herman 2012 ‘Towards a Genuine Economic and Monetary Union’ Accessed March 2016 www.consilium.europa.eu/uedocs/cms_Data/docs/press data/en/ec/134069.pdf Varoufakis, Yannis 2013 ‘From Contagion to Incoherence: Towards a Model of the Unfolding Eurozone Crisis’ Contributions to Political Economy 32 (1): 51–71 Varoufakis, Yannis 2016 And the Weak Suffer What They Must?: Europe, Austerity and the Threat to Global Stability London: Bodley Head Voegelin, Eric 1965 ‘Die dritte Phase der Industriegesellschaft Die Interdependenz als Wesensmoment der “Formierten Gesellschaft” ’ Gesellschaftspolitische Kommentare 12: 123–28 von Mises, Ludwig 1947 Planned Chaos Irvington-on-Hudson, NY: Foundation for Economic Education von Mises, Ludwig [1927] 1985 Liberalism in the Classical Tradition San Francisco: Cobden Press Wagenknecht, Sahra 2011 Freiheit statt Kapitalismus Frankfurt: Eichhorn Watrin, Christian 2010 ‘Alfred Müller-Armack – Economic Policy-Maker and Sociologist of Religion’ In The Theory of Capitalism in the German Economic Tradition, edited by Peter Koslowski, 192–220 Berlin: Springer Weber, Max [1918] 1994a ‘Sozialismus’ In Political Writings, edited by Peter Lassman and Ronald Speirs, 272–303 Cambridge: Cambridge University Press Weber, Max [1919] 1994b ‘The Profession and Vocation of Politics In Max Weber, Political Writings, edited by Peter Lassman and Ronald Speirs, 309–369 Cambridge: Cambridge University Press Weber, Max [1922] 2013 Economy and Society Berkeley, CA: University of California Press White, Jonathan 2015 ‘Emergency Europe’ Political Studies 63 (2): 300–18 White, Jonathan 2017 ‘Between Rules and Discretion: Thoughts on Ordoliberalism’ In Ordoliberalism: An Irritating German Idea, edited by Christian Jörges and Josef Hien ARENA, Oslo: Centre for European Studies Wigger, Angela 2008 Competition for Competitiveness: The Politics of the Transformation of the EU Competition Regime PhD Thesis, The Free University of Amsterdam Available at http://dare.ubvu.vu.nl/bitstream/handle/1871/15601/8237.pdf; jsessionid=655AB7B29 5D025EF4F2D7D7AF9C2319C?sequence=5 www.ebook3000.com Bibliography 189 Wilkinson, Michael 2013 ‘The Spectre of Authoritarian Liberalism: Reflections on the Constitutional Crisis of the European Union’ German Law Journal 14 (5): 527–60 Wilkinson, Michael 2014 ‘Politicising Europe’s Justice Deficit’ LSE Law, Society and Economy Working Papers 8/2014 London: LSE, Law Department Wilkinson, Michael 2015 ‘Authoritarian Liberalism in the European Constitutional Imagination’ European Law Journal 21 (3): 313–39 Willgerodt, Hans 1986 ‘Der Neoliberalismus – Entstehung, Kampfbegriff und Meinungsstreit’ ORDO 57: 47–89 Willgerodt, Hans, and Alan Peacock 1989 ‘German Liberalism and Economic Revival’ In Germany’s Social Market Economy, edited by Alan Peacock and Hans Willgerodt, 1–14 London: Palgrave Williams, John, Karel Williams and Colin Haslam 1992 ‘Leap before You Look’ In Towards a New Europe?: Structural Change in the European Economy, edited by Ash Amin and Michael Dietrich, 212–33 Aldershot: Edward Elgar Wolf, Martin 2001 ‘The Need for a New Imperialism’ Financial Times, 10 October 2001 Wörsdörfer, Manuel 2012 ‘Walter Eucken on Patent Laws: Are Patents Just Nonsense upon Stilts’? Economic Thought (2): 36–54 Young, Brigitte 2014 ‘German Ordoliberalism as Agenda Setter for the Euro Crisis: Myth Trumps Reality’ Journal of Contemporary European Studies 22 (3): 276–87 www.ebook3000.com Index Adenauer, Konrad, 11 Ancil, Ralph E., 106 antagonism of bourgeois society, 25 – 29; Hegel on, 26 – 28; Kant on, 25 – 26 anti-austerity movement, 167 aristocrats, 39 authoritarian liberalism, 2, 47 – 67; Heller on, 47, 49 – 50; labour power, 50; political theology and, 157 – 61; private property, 50; Schmitt and, 47, 49, 50 – 53; sound economy, 49 – 54; state as market police, 50 – 51 authority, 25, 112, 163 automaticity, 76 autonomy, 4, 88 bailouts, ECB, 146, 147 Balogh, Thomas, 7, 8, 77 bankruptcy, 147 banks, 116 Barry, Norman P., 73 – 74, 102 Baruch, Bernard, 65n7 benevolent dictator, 58 Benjamin, Walter, 43n7 Bentin, Lutz Arwed, 8 Berghahn, Volker, 9 Bernholz, Peter, 147 Biebricher, Thomas, 1, 67n24 black market economy, 105 blue labour, 5 Blyth, Mark, 117 Böhm, Franz, 2, 7, 11 – 12; complete competition, 74; on mass democracy, 55; on private law society, 84, 86, 108; on rule of law, 65n6 Borrell, Josep, 146 bourgeois society, 4; antagonism, 25 – 29; Hegel on, 26 – 28; Kant on, 25 – 26 Brexit, 168, 170n21 Brüning, Heinrich, 9 budget deficits, fiscal policy and, 141 budgets, 141; Fiscal Compact and, 145 – 46 Burnham, Peter, 67n25 Campbell, William F., 109 capital and labour, 32 – 33 capitalism: entrepreneur, 34 – 35; liberal state and, 50 – 51; neoliberalism and, 5; ordoliberal critique, 95 – 96; post-war, 101; proletarianisation, 24, 95 – 98; social market economy vs., 100 – 101; sociological pathologies, 24 – 25 capitalist, class and, 32 – 33 capitalist social relations, 4, 5 Cassel, Dieter, 62 Catholicism, 10 central bank: independent, 123; Röpke on, 123; technical experts, 123 See also European Central Bank Chicago neoliberalism, 14 Chicago school, 79 Chile, Pinochet dictatorship in, 17n25, 48, 58, 62 civil rights, 125 civil society, 28, 121 191 Index 192 class: capitalist, 32 – 33; civil society and, 28; property-less workers, 24 – 25; state, 25, 27 – 28 class struggle, 32; suppression by commissarial dictatorship, 165 commercial society, 29; justice, 30; moral sentiments of, 30 – 31; sympathy, 30 – 31 commissarial dictatorship, 40, 45n31 commonwealth, power of, 31 Communist Manifesto (Marx), 14 communist society, 84 communities, 105 – 7; decentralised, 105 – 6; family and, 105; ruralised workers, 105 – 6; small-scale, 105 compensation, EMU and, 142 competition: morality, 86 – 88; ordoliberals on, 3; weak state and, 3 competition law, 88, 121 – 22 complete competition, 93; economic constitution, 74 – 75; Eucken, 80 – 81; laissez-faire, 79; market form of, 103; ordoliberal notion, 81; private power vs., 78 – 83; social and moral character of, 81 – 82; socio-moral order, 93 Concept of the Political (Schmitt), 43n7 concrete order: aspects, 164; Europe, 165; friend and enemy constellation, 162; Schmitt on, 160 – 61; Schwab on, 160 Constant, Benjamin, 124, 157, 169n7 contract, freedom of, 79 Cortes, Juan Donoso, 157 Council of the European Finance Ministers of the Eurozone, 145 coup de force See liberal emergency credit system, 76 cultural conservatism, 6 currency: common, 123; devaluation, 76; international system of, 123; value of, 122 Dardot, Pierre, 125 debt, 108 – 10; deproletarianisation, 109; private, 109 decentralism, 106 decisionism, 160; managerial, 152, 168 decision making: decentralised, 139; independent, 163; non-coerced, 122 demand-site interventionism, 76 democracy: autonomy of the nation, 125; consumer preferences and, 121; liberty and, 61 – 63; Marx on, 125; monarchy, 125; power of money, 122; state coercion, 122; ungovernability, 59 – 61 depoliticised social organisations, 160 deproletarianisation, 105 – 7; private debt and, 109 designated enemy, 161 dictatorship, 54, 58 – 59, 61 – 62; commissarial, 40; Hayek on, 61 – 62; Röpke on, 40 Die Linke, 5 Die Ordnung der Wirtschaft (Order of Economy) (Böhm), 12 Die Tat, 11 disharmony, 88 Draghi, Mario, 149 dual structure of liberal state, 159 ECB See European Central Bank economic adjustment: monetary union (EMU), 138, 141 – 42; principal means of, 142 economic competition, 118 economic constitution, 2, 12, 93; complete competition, 74 – 75; defined, 72; economic categories, 69; free price mechanism, 74 – 75; Gerber on, 72; government policy, 70; idea of, 69; notion of, 71; ordoliberal concept, 73, 78; policy making, 74; politics of order, 71 – 78; strong state, 75 – 76; transaction society, 72, 74 economic crisis, 9; of 2008, 4, 5; neoliberal analysis, 59 – 60 economic freedom, 7; cold society of, 105; Eucken on, 163 – 64; Miksch on, 51; moral society, 97; non-coerced decision making, 122; ordoliberal idea of, 36; premise of, 94; Vitalpolitik, 111 economic governance, European system of, 126 economic liberty, 4 economic miracle, 102 economic order, 12 economic policy, 71 – 72 economic power, 83; Marbach, 80; Ptak, 80 economic rights, 125 economic state: Eucken, 9, 12, 38 – 39; Keynesian interventionism, 124; Weimar democracy as, 164 economy, 3; liberalisation of, 61 economy and state: neoliberal character of, 5; ordoliberalism on, 4 economy policy: as social policy, 6 econonism, 106 www.ebook3000.com Index 193 EFSF See European Financial Stability Facility EFSM See European Financial Stabilisation Mechanism egoism, society based on, 24 emergencies and order, 149 – 52 emergency Europe, 2 Emerson, Michael, 140 EMS See European Stability Mechanism enemy, and friend, 52, 162 Engel, Christoph, 115 entrepreneur, 34 – 35 Erhard, Ludwig, 101 Eucken, Walter, 2, 8 – 9, 12, 69; complete competition, 80 – 81; economic freedom, 163 – 64; economic state, 9, 12, 38 – 39; liberal state, 58; mass democracy, 47 – 48, 55; social policy, 93; strong state, 37; Weimar democracy, 9 euro: ordoliberals on, 116; stability of, 152; stateless character, 4, 135 Euro crisis, 1, 166, 168; ad hoc measures countering, 144; Bernholz and Sinn on, 147; enforcement of fiscal rules, 141; Eurozone government during, 141; management, 143 – 49; ordoliberal ascriptions, 116 – 19; resolution to, 136 Europe, 4; conception of, 119; economic community of, 119; economic constitution of, 143 – 44; left internationalism, 167; ordoliberal iron cage, 117, 119; pact for, 125; political sovereignty, 152; Röpke on, 120 European Central Bank (ECB), 166; bailouts, 146, 147; as crisis manager, 146; democratised, 137; Euro crisis and, 116 – 17, 146 – 47; financial crisis and, 146; lending, 139; monetary policy and, 139 – 40; moral hazard, 146; Sinn and Bernholz on, 147; stateless character, 135; Streek on, 146, 151; task of, 139; as technocratic organisation, 151 European Council, 2; decisions, 152, 166, 167; EFSM and, 144; executive decision making, 149 – 50; policy guidelines, 149; as political executive committee, 143; self-authorisation, 149; solidarity, 168 European Court of Justice, 165 European Economic Community, 128, 165 European Financial Stabilisation Mechanism (EFSM), 144, 145 European Financial Stability Facility (EFSF), 145 European integration, 119, 120 European monetary union (EMU) See monetary union (EMU) European Parliament, 165 European Saint-Simonism, 128 – 29 European Stability Mechanism (EMS), 145 European Union (EU): austerity politics, 1; authoritarian liberalism, 2; concrete order, 166; coordination and surveillance, 141; debt discharge and, 141; democratic deficit of, 125; fiscal competence, 141; fiscal policy, 138; fiscal powers and, 138; insolvency and, 141; institutional structure, 119, 167; legal equality, 125; legal framework, 119; legitimacy of, 125; member states, 166, 167, 168; Ordnungsgefüge of, 165 – 68; ordoliberal elements, 119 – 20; policy decisions, 120; political institution of Eurozone, 1; economic growth, 117; Habermas on, 2; monetary union, 135; social reproduction in, 136 See also Euro crisis exception, state of, 158, 160 executive federalism, 2, 168 executive state, 4, 158 – 59; of European Union, 166, 167; of private law society, 164 family, 105, 106 fascism, linking strong state to, 9 – 10 federalism: collectivism and, 124; Röpke on, 124 Feld, Lars, 137, 147 Ferrero, Guglielmo, 6, 96 First World War, 127 Fiscal Compact, 140, 145 – 46 fiscal discipline, 140 fiscal expansionism, 141 fiscal policy, 138, 139, 140 – 41; budget deficits, 141; Fiscal Compact, 140; as national responsibility, 140; positioning of, 140; Stability and Growth Pact, 140 fiscal profligacy, 140 fiscal sovereignty, 138 fiscal union, 120 formatted society, 45n26 formed society, 7 Forsthoff, Ernst, 158, 168n2 Foucault, Michel, 6 – 7, 17n18; competition, 81; private property, 108; Weimar democracy, 16n15 Foundations of Economics (Eucken), 12 194 Index free association, 85 freedom: of competition, 97; of contract, 79; as moral obligation, 163; order and, 163 – 64; premise of, 163; of property, 84; of self-interest, 83; self-responsible, 163; surveillance and, 40, 45n32 free economy, 3, 75; authority and, 112, 163; Böhm on, 7; constitutionalisation, 162; constitution of, 12; economic constitution of, 101 – 2; freedom to compete, 78; independence of, 4; ordoliberals on, 3; organised power of, 37; personal liability, 77; Röpke on, 11; safeguarding, 164; social order of, 3; stability and liberal efficacy of, 122; struggle, 162; as universal form of life, 161 free price mechanism, 74 – 75 free-riding, 141 Freiburg University, 11, 12 French Revolution, 157 Friedman, Milton, 14, 17n25, 44n25, 58; capitalist political economy, 35 Friedrich, Carl, 58 friend and enemy, 52, 162 Gamble, Andrew, 7 – 8 Gerber, David, 70, 72 German Bundesbank, 135 Germany: Eurozone crisis and, 117; hegemonic power in Europe, 117; ordoliberal approach, 117; revolution of 1918, 51; unification, 152n6 Gesamtentscheidung, 101, 136 Glasman, Maurice, 5 governability, crisis of, 59 – 61, 65n7 government, 164; international currency system, 123; pursuit of liberty, 123; stateless money and, 123 Greece, 167; anti-austerity movement, 167; bankruptcy, 147; ECB and, 146; insolvency, 141; Syriza government in, 146, 150 – 51, 167 greedy self-seekers, 37, 162; sociability of, 24 Grundlagen der Nationalökonomie (Eucken), 69 Grundsätze der Wirtschaftfspolitik (Eucken), 69 The Guardian of the Constitution (Schmitt), 158 – 59 Habermas, Jürgen, 2, 66n13 Hallstein, Walter, 115, 125 Hayek, Friedrich, 1, 14, 17n25, 54 – 55, 126 – 29; constitution of liberty, 63; dictatorship, 61 – 62; interstate federalism, 126 – 27; laissez-faire, 34; on mass democracy, 167; Road to Serfdom, 17n17, 55, 61; single European currency, 128 – 29; social, 103 Hegel, Georg W F., 26 – 28 Heller, Hermann, 16n16, 166; on authoritarian liberalism, 47 herrschaftsfreie social order, 86 Hitler, Adolf, 17n20 Holy Family (Marx), 31 human economy: bottom line of, 109; Röpke, 108 humanity, 161 – 62 Hutchinson, Terence, 7 Ideas of the State and Economy Order in the New Reich (Müller-Armack), 10 inflation, 122, 139 insolvency, 141 International Monetary Fund (IMF), 141, 145, 147, 154n19 international welfare state, 129 interstate federalism: Hayek, 126 – 27; international relations, 124; sovereignty in, 124 interventionism, 72; demand-site, 76 inter-war period, 97 Israel, 12 Istanbul, 11 Istanbul University, 11 Italy, 144 Jena University, 11 Jews, 11 justice: administration of, 31; commercial society and, 30; punishment, 31; rules of, 30 Kant, Immanuel, 25 – 26 Kelsen, Hans, 66n13 Keynesian welfare state, 103 Kirkpatrick, Jean, 64n4 Köhler, Ekkehard, 117 labour: capital and, 32 – 33; mobility, 142; productivity, 32 labour markets, 138; economic adjustment and, 141 – 42; policy, 76 – 77; Stabilitätsgemeinschaft, 128 Labour Party, Britain, 7 www.ebook3000.com Index 195 labour power, 50 labour unit costs, 141; lower, 142 laissez-faire liberalism, 3; ordoliberal critique of, 3, 19, 20 – 25; Rüstow on, 11, 163; sociological blindness of, 95 Laval, Christian, 125 law, 26; economic constitution and, 12; legitimacy of, 51 – 52; as Right, 54; Schmitt on, 52, 53 leadership democracy, 158 leadership principle of Schmitt, 161 Lectures on Jurisprudence (Smith), 29 legal equality, 125 legal order, 23 legal security, 77 legislative state, 159 legitimacy, 157 Leitner, Helga, 5 lending, ECB and, 139 liberal democracy: core of, 125; European system of, 167; ordoliberal argument for, 124 – 25 liberal emergency, 39 – 40, 58 – 59 liberal interventionism, 59, 74, 118 liberalisation of economy, 61 liberalism: competition and, 97; new, 16n16; Rüstow on, 58; traditional, 3 liberal rights, 125 liberal state: capitalist economy, 50 – 51; Eucken on, 58; independence, 54; as market police, 50 – 51; moral institution, 164; ordoliberals on, 164; role of, 121 liberty: Constant on, 124; defences of, 123; power of commonwealth, 31; pursuit of, 123; sovereignty transferred to higher authority, 124; system of perfect, 30; will for, 124 limited state, 150 – 51 Luxembourg law, 145 MacCormick, Neil, 125 Maistre, Joseph de, 157 managerial decisionism, 152, 168 Marbach, Fritz, 80 Marburg University, 11 Marcuse, Herbert, 158 market and state, 4 market economy, 123; black, 105; as human economy, 100; social attribute to, 103 – 4 market fundamentalism, 117 market participants, 122; negative economic rights, 118 market police: political economy and, 29 – 34; state as, 50 – 51 market prices: private law society and, 121 markets: logic against, 7; logic of, 6 – 7; moral and social preconditions, 93 Marx, Karl, 14, 16n5, 24 – 25, 125 mass democracy, 8, 157; Böhm on, 55; danger of, 163; egalitarian, 160; Eucken on, 47 – 48, 55; Hayek on, 167; legislative state, 159; liberal rule of law and, 59; Müller on, 56; ordoliberalism and, 54 – 59; Peacock and Willgerodt, 54 – 55; Röpke, 55 – 56, 57; Rüstow on, 57 – 58; state in, 158 mass-man, 44n20 materialism, 106 Mein Kampf (Hitler), 38 member states of EU, 135; budgets, 141; debt discharge and, 141; Eurozone crisis and, 144; as executive states, 136, 144, 166, 167; fiscal profligacy, 140; fiscal sovereignty, 138; governance, 142; labour market adjustment, 142; monetary discipline, 135; ordnungspolitical capacity, 144; retreat, 120; solidarity between, 168 See also monetary union (EMU) Mestmäcker, Ernst-Joachim, 66n13, 125, 165 Miksch, Leonard, 51 modernity, political theology, 157 monarchy, democracy and, 125 monetary policy, 137, 139; ECB and, 139 – 40; federal matter, 127; independence from democratic influence, 128; rule-based, 128; supranational operation of, 127 – 28 monetary system, 122 – 23 monetary union (EMU): anti-Keynesian design of, 118; architecture of, 138 – 39, 142 – 43; bailout arrangements, 148 – 49; competitive order, 138; currency, 137; design fault of, 116 – 17; economic adjustment, 138, 141 – 42; economic constitution, 146; eliminating devaluation, 137; Euro crisis management, 136, 143 – 49; Feld on, 116, 147; Fiscal Compact, 140, 145 – 46; fiscal policy, 138; framework of incentives and constraints, 140; free-riding, 116; governments in, 118, 151; inflation and, 139; labour markets, 138, 141 – 42; liberal-economic market Index 196 design, 118; limited state and, 150 – 51; market rule, 139; monetary policy, 137; national labour markets, 137; Ordnungspolitik of, 135; ordoliberal character of, 117 – 18; ordoliberals on, 116 – 17, 147 – 48; Padoa-Schioppa on, 136 – 37, 138, 140, 143; rule-based conduct, 137; rule-based insolvency provisions, 116; rules of, 137; stability of, 135; structure of, 143, 144; Tietmeyer on, 135, 152 money: absolute power over, 122; complete competition, 122; inflation, 122; international currency system, 123; inviolability of, 122; law and, 123 – 24; Röpke, 108; sound, 122; state coercion, 122; value of, 123 money supply, 122 monopoly, 78 – 79 Mont Pélerin Society, 11, 12 moral obligation, freedom as, 163 moral order, 23 moral sentiments of commercial society, 30 – 31 Müller, Jan-Werner, 56, 125 Müller-Armack, Alfred, 2, 3, 8 – 9, 10, 164; Christian values, 107; economic miracle, 102; European integration, 119, 120; ordoliberal social policy, 103; politicisation of economic relations, 38 – 39; proletarian masses, 100; social market economy, 103, 109, 110; Stabilitätsgemeinschaft, 128; on state, 25; strong state, 38 – 39; Volk, 107 myth: social cohesion and, 10 naturalisation, 106 Nazis: accentuated democracy, 38; Müller-Armack and, 10; Röpke and, 11 Nazism: Böhm and, 11; Müller-Armack and, 10; ordoliberalism and, 8; Weimar Republic and, 8 Nedergaard, Peter, 1 neoliberalism: buccaneering deregulation, 5; capitalism and, 5; Chicago, 14; demise of, 5; Rüstow and, 10 – 11; Sheppard and Leitner on, 5 Nicholls, Anthony, 37, 40 Niedersächsiche Landvolk, 11 Nientiedt, Daniel, 117 Norman, Jesse, 6 order: elements, 121 – 26; legal, 23; meaning of, 23; moral, 23; politics of, 71 – 78 Order of Economy (Böhm) See Die Ordnung der Wirtschaft order of freedom, 12 Ordnung der Wirschaft (Böhm), 69 Ordnung der Wirtschaft, 12 Ordnungsgefüge, 165 – 68 Ordnungspolitik, 4, 69 – 70, 112, 139; arguments for, 164; competition law, 86; concept, 162; economic development, 164; fiscal expansionism and free-riding, 141; freedom of self-interest, 83; as Gesamtentscheidung, 136; monetary union, 135; ordoliberal principle of, 122; purpose of, 162 See also monetary union (EMU) ORDO, 3 – 4, 12, 14, 23, 87, 110, 162 ordoliberalism: austerity politics, 1, 2; British context, 7 – 8; Chicago neoliberalism vs., 14; competition for access to political power, 118; contemporary debate, 4 – 8; critics, 1 – 2, 5; economy policy, 6; European democracy and, 1 – 2; Foucault’s account of, 6 – 7; Glasman on, 5 – 6; independence of state, 118; influence of, 1; liberal interventionism, 118; mass democracy and, 54 – 59; Nazism and, 8; Peck on, 5; proponents of, 8; quantitative civilisation, 6; Sheppard and Leitner on, 5; sociological account, 93; state in, 3; thought and thinkers, 8 – 12; Tribe on, 8 ordoliberal politics, 23 Ortega y Gasset, Jose, 56 Oswalt, Walter, 5 pact for Europe, 125 Padoa-Schioppa, Tomasso, 136 – 37, 138, 140, 143, 152n2 parochial community, 105 Peacock, Alan, 54 – 55, 94 Peck, Jamie, 5, 16n9, 17n21 personal liability, 77 Philosophy of Right (Hegel), 27 Pinochet dictatorship in Chile, 17n25, 48, 58, 62 planned labour economy, 71 political authority, 24, 51 political economy, 36 – 37; market police and, 29 – 34; price mechanism, 29 – 30; Smith’s conception of, 29 www.ebook3000.com Index 197 political institutions, 160 – 61 political theology: authoritarian liberalism and, 157 – 61; concrete order, 160 – 61; leadership democracy, 158; modernity, 157 political union, 120 politicised state, 158 politics: of order, 71 – 78; ordoliberal, 23 Portugal, 144 Posner, Richard, 66n13 post-war capitalism, 101 poverty, 108; authoritarian liberalism, 50; moral deprivation, 40 price mechanism, 29 – 30 prices, 75 private debt, 109 private individuals, 30 private law society, 84 – 86, 108, 121; authority, 85; concept of, 84; legal rules in, 85 private power: assertion of, 78, 85; complete competition vs, 78 – 83 private property, 105, 107 – 8; authoritarian liberalism, 50; rights, 50, 51 – 52, 77, 111, 121 – 22; Smith on, 31 – 32 proletarian(s): defined, 94, 96; freedom from want, 98 – 99; private property and, 105, 107 – 8; struggle for material security, 98; Vitalpolitik, 94 proletarian condition, 94, 105 proletarianisation: capitalism and, 95 – 98; conception of, 94; loss of vital satisfaction, 96 – 97; problem of vitality, 94; as psychological condition, 98; Röpke on, 96; social disintegration, 96 proletarianised mass society, 6, 102 proletarianised workers, 25; as citizens, 100; devitalised, 99; true welfare policy, 99 – 100 property: capitalised, 108; ownership, 107 – 8; social, 108 property-less masses, 97 property ownership, 105, 107 – 8 Ptak, Ralf, 80, 103 punishment, 31 pure legal theory, 66n13 qualitative total state, 53 quantitative civilisation, 6, 96, 148 quantitative total state, 53 rationalism, 106 Rauhut, Siegfried, 62 Rechtsstaat, 70, 73 The Revolt of the Masses (Ortega y Gasset), 56 Riese, Hajo, 7, 8 Rieter, Heinz, 8 Right (Recht), 157; law as, 54; private property See also private property Road to Serfdom (Hayek), 17n17, 55, 61 Robbins, Lionel, 12 Röpke, Wilhelm, 2, 11, 20, 66n17, 82, 110 – 11, 115; attack on rationalism, 106; complete competition, 74; on economic miracle, 102; economism, 6; on Europe, 120; European Saint-Simonism, 128 – 29; on federalism, 124; human economy, 108; on independent central banks, 123; on market economy, 102; on mass democracy, 55 – 56, 57; on money, 108; on political economy, 6; prices, 75; on proletarianisation, 96; on property ownership, 107; social philosophy, 102; strong state, 37; Vitalpolitik, 102; on welfare state, 98, 99 Rossiter, Clinton L., 54, 58 – 59 rule-based policy, 122 rule of law, 26; economy as an application of, 12 Rüstow, Alexander, 2, 3, 8 – 9, 10 – 11; class of property-less workers, 24 – 25; liberalism, 58; on mass democracy, 57 – 58; peasant-based social mentality, 102; private ownership, 107; strong state, 37, 39 – 40 Scheuerman, William, 159 Schmidt, Vivien, 120 Schmitt, Carl, 2, 8, 10, 37; authoritarian liberalism, 47, 49, 50 – 53; Concept of the Political, 43n7; concrete order, 160 – 61; crisis of the late 1920s/early 1930s, 51; dictatorship, 54; friend and enemy, 52; The Guardian of the Constitution, 158 – 59; leadership principle, 161; political theology, 136, 157 – 61; politics of order, 54; quantitative total state, 9 Schmolz, Matthias, 8 Schumpeter, Joseph, 63, 66n23 Schwab, Georg, 160 Schwarz, Gerhard, 62 Second World War, 63, 64n1 security state, 40 198 Index self-love, 30 self-responsible entrepreneurship, 162 self-responsible freedom, 163 Sheppard, Eric, 5 Simons, Henry, 16n10 Sinn, Hans-Werner, 147 Skinner, Andrew, 44n14 Smith, Adam, 9, 19, 20, 29 – 34; class struggle, 32 – 33; commercial society, 29, 30 – 31; justice, 30; Lectures on Jurisprudence, 29; theory of history, 29; Wealth of Nations, 31 Snaith, Holly, 1 social antagonism See antagonism of bourgeois society social cohesion, myth and, 10 socialism, 96 social justice, 103 social market economy, 5 – 6, 9, 10, 16n11, 103 – 4; capitalism vs., 100 – 101; economic prosperity, 104; Erhard on, 101; Müller-Armack, 103, 104; Riese on, 7 social order, 34 – 41 social organisations, depoliticised, 160 social policy, 78; economic order, 101; economy policy as, 6; Foucault’s comment, 104; law-governed and rule-based, 101; market-facilitating, 104; ordoliberal, 6 – 7 society: antagonistic character of, 24; competition law, 121 – 22; egoism, 24; formatted, 45n26; private law, 121; proletarianisation of, 96 – 98; separation of powers between state, 122 Spain, 144 Stabilitätsgemeinschaft, 128 – 29, 144, 147, 148 Stability and Growth Pact, 140, 144, 145, 153n10 state: authority of, 25; class, 25; competition law, 121 – 22; concrete order, 160 – 61; of exception, 158, 160; exploitation by vested interests, 123; institutional independence of, 26; Kant’s conception of, 26; laissez-faire liberalism and, 20 – 25; market and, 4; as market police, 50 – 51; mass democracy, 158; Müller-Armack on, 25; old liberal, 158 – 59; ordoliberal, 3, 4, 20 – 25; politicisation of, 158; private law society, 121; privileges to economic agents, 122; separation of powers between society and, 122; Smithean, 33 – 34; total quality, 50; unsocial character of, 26 Streek, Wolfgang, 2, 125, 146, 151; Heller’s account of authoritarian liberalism, 50 strong state, 3; agents of, 39; economic constitution, 75 – 76; fascism and, 9 – 10; Müller-Armack on, 38 – 39; ordoliberal demand for, 41; Röpke on, 37; Rüstow on, 37, 39 – 40; sound economy and, 51 – 54; Vanberg on, 62 struggle, in free economy, 162 supranational union: individual states in, 127; monetary policy, 127 – 28 surveillance, 164; freedom and, 40, 45n32 sympathy, 30 – 31 Syriza government, in Greece, 146, 167 Tietmeyer, Hans, 135, 152 Tönnies, Sibylle, 37, 39 – 40 totalitarianism, 12 trade unions, 122 transaction society, 71; economic constitution, 72 Treaty on Stability, Coordination and Governance See Fiscal Compact Tribe, Keith, 8 Tröltsch, Walter, 11 ungovernability, and democratic overload, 59 – 61 utilitarianism, 106 Vanberg, Viktor, 62, 149, 153n9, 154n24 van Rompuy, Herman, 15n1 vitally satisfied workers, 100, 106, 109 – 10; enterprise society of, 109 – 10 Vitalpolitik, 6, 11, 94; economic freedom, 111; purpose, 102, 106; Röpke on, 102 Volk, 107 von Hindenburg, Paul, 17n20 von Mises, Ludwig, 1, 10 – 11, 13, 17n17, 17n25 von Papen, Franz, 17n20 Wagenknecht, Sahra, 5 wage-price flexibility, 142 weak state, 3; liberal rule of law, 49; Rüstow on, 56 wealth: trickle-down effect of, 109 www.ebook3000.com Wealth of Nations (Smith), 31 Weber, Max, 66n14 Weimar Republic, 2, 3, 8; capitalism, 101; Eucken on, 9; Nazism and, 8; ordoliberal denunciation of, 164; politicised interest groups, 9; Rüstow on, 9 welfare policy, 99 – 100 welfare state: cult of the standard of living, 98; enslaving workers to state, 99; Keynesian, 60 – 61, 103; ordoliberal Index 199 rejection of, 98 – 100; proletarianised society, 98; Röpke on, 98, 99 White, Jonathan, 2 Wilkinson, Michael, 124 Willgerodt, Hans, 54 – 55, 94 workers: small-scale communities, 109 working classes, 143; discontent, 94 World Jewish Congress, 12 Wörsdörfer, Manuel, 5 Young, Brigitte, 9 .. .The Strong State and the Free Economy www.ebook3000.com The Strong State and the Free Economy Werner Bonefeld London • New York Published by... sociological and moral effects of the free economy, has to be pursued relentlessly to sustain and maintain the free economy The ordoliberals recognise that, if unchecked by the power of the state, the free. .. Acknowledgementsix 1 T he Strong State and the Free Economy: German Ordoliberalism, Political Theology and European Democracy 2 The Free Economy as Political Practice 19 3 Democracy and Freedom: On Authoritarian
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