
Contents
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1. Introduction 1. Introduction
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2. Ordoliberalism, Adam Smith and Laissez-faire Liberalism 2. Ordoliberalism, Adam Smith and Laissez-faire Liberalism
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3. Individual Interest, Common Interests and Institutional Framing 3. Individual Interest, Common Interests and Institutional Framing
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4. The Competitive Order and Consumer Sovereignty 4. The Competitive Order and Consumer Sovereignty
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5. The Game Metaphor and Ordnungspolitik 5. The Game Metaphor and Ordnungspolitik
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6. The Constitution of Politics: The Contribution of Constitutional Political Economy 6. The Constitution of Politics: The Contribution of Constitutional Political Economy
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7. Conclusion 7. Conclusion
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References References
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14 Adam Smith: Classical political economy and Ordoliberalism
Get accessViktor J. Vanberg is Professor Emeritus at the University of Freiburg and Member of the Board at the Walter Eucken Institute, Freiburg, Germany. He earned his academic degrees in sociology, but then moved into economics. He taught from 1984 to 1995 as Professor of Economics at George Mason University, Fairfax, USA, from 1995 to 2009 as Professor of Economic Policy at the University of Freiburg, and served from 2001 to 2009 as Director of the Walter Eucken Institute.
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Published:20 October 2022
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Abstract
Various authors have pointed to the puzzling discrepancy between the emphasis with which Ordoliberals have sought to dissociate their version of liberalism from Adam Smith’s, and the apparent commonalities that their own outlook in fact share with his political economy. Focusing on the Ordoliberal Freiburg School, the argument in this chapter is based on the supposition that this discrepancy should be attributed to the fact that, in a time when liberalism had fallen into disrepute, the founders of the Freiburg School were less concerned with doing justice to Smith’s work than with dissociating their Ordoliberal paradigm from an ill-reputed liberal tradition. The chapter takes a closer look at the parallels between Smith and the Freiburg School’s outlooks on economic policy.
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