The Shaftesbury Papers series – serie

Property rights lie at the heart of the economic success of any economy and the extent to which its citizens enjoy economic freedom. At a time when Eastern Europe is breaking free from the yoke of collectivist-socialist ideas, this book presents essays by four political economists evaluating a range of feasible reforms intended to breathe new life into constitutional republicanism. The first essay by James M. Buchanan grounds the defence of private property ownership in the protection that it affords to individual liberty. This is followed by a succinct but comprehensive account by Gordon Tullock of his research programme in rent seeking. This is a great and instructive contribution which skilfully draws out the dangerous implications of rent seeking for private property rights. A far-reaching and insightful essay by Richard E. Wagner exposes the failure of the United States constitution to overcome the tyranny of the majority so feared by the Founding Fathers: the author demonstrates why the tyranny of the majority cannot be overcome by a written constitution unless the institutions of society are designed to offer complementary support to limited government and the rule of law. In the final essay, Charles Rowley retraces the history of social choice theory, identifies the errors that it has promulgated and the corrective lessons that can be learned from the classical liberal philosophy that it has substantially ignored. Including essays by some of the most eminent scholars in the field, Property Rights and the Limits of Democracy makes an important and distinguished contribution to one of the most central issues in political economy in the late twentieth century.

In this far-reaching and insightful monograph, Richard Wagner exposes the failure of the United States constitution to overcome the tyranny of the majority so feared by the Founding Fathers. Recognising that to the extent a written parchment is enforceable, it is through the construction of a self-supporting balance of private interests, Professor Wagner sketches a balance between the principles of good constitutional order and the placement of guns of self-interest necessary for the preservation of the rights to life, liberty and property. He concludes his analysis with an assessment of the prospects of converting the rent-seeking state into an entrepreneurial state self-interestedly committed to classical liberal principles of constitutional order.The author clearly demonstrates why the tyranny of the majority cannot be prevented by constitutional parchment unless the institutions of society are designed to offer complementary support to limited government and the rule of law. Parchment, Guns and Constitutional Order offers a solution designed to harness the political process to that objective.

This is a succinct but comprehensive account of the research programme in rent-seeking launched in 1967 by Gordon Tullock’s argument that the availability of monopoly rents through government encourages self-seeking individuals to waste economic resources in competitive bidding for those rents. Rent Seeking reviews each of the contributions for which Professor Tullock is famous, including the basic insight, the cost of transfers, competition for aid, the political market in rent-seeking, efficient rent-seeking, the transitional gains trap, and the cost of rent-seeking, and shows how each of these insights has triggered a burgeoning research literature. He skilfully draws out the dangerous implications of rent-seeking behaviour for private property rights. In characteristic fashion, he returns to his path-breaking work on the economic theory of constitutions in search of novel ways to secure the right to life, liberty and property through a reinforced constitutional republic. Both for the specialist scholar and for the new initiate, this is a great and instructive essay.

Adam Smith into the Twenty-First Century examines how Smith’s deliberations on constitutional economics can now be tested by current empirical work in the social sciences.Edwin West shows how Smith’s scepticism about the proposition that democracy is conducive to economic growth is supported by modern research. Current social science is also shown to support Smith’s views that government improves with the expansion of trade and that liberty is strongly associated with growing prosperity. Smith’s argument that personal freedom to act should be allowed providing that the “laws of justice” are not violated is compared with J.S. Mill’s view that liberty should be allowed except where “harm to others” may thereby be prevented. In Adam Smith into the Twenty-First Century, Professor West argues convincingly that Smith’s liberalism is not dead, but is enjoying a revival which will continue into the twenty-first century.

This major book brings together four essays which rigorously defend classical liberal philosophy and present a convincing justification of the minimal state.In Before Resorting to Politics, the first essay, Anthony de Jasay rejects political solutions, seeks to de-politicise society and provides an original analysis of liberty, coercion, the role of chance and deserts in the distribution of resources. This is followed by Norman Barry's Classical Liberalism in the Age of Post-Communism, a succinct but comprehensive reconstruction of classical liberal theory explaining its implications for law, constitutionalism and public policy. Adam Smith into the Twenty-First Century by Edwin West shows how Smith's liberalism - less ambivalent than that of J.S. Mill and his followers - continues to thrive and is enjoying a revival in the 1990s. In the final essay, Economic Policy in a Liberal Democracy, Richard E. Wagner offers an approach to welfare economics and economic policy appropriate for a classically liberal society.The essays are co-ordinated by an introduction in which Charles K. Rowley explains why some notable classical liberal scholars have abandoned classical liberalism and presents a vigorous philosophical justification for the minimal state. Including essays by some of the most eminent scholars in the field, The Political Economy of the Minimal State makes an important and distinguished contribution to one of the most contentious issues in twentieth century political economy.

Classical Liberalism in the Age of Post-Communism reconstructs the theory of classical liberalism as a unified doctrine that encompasses political economy, jurisprudence and social philosophy. Norman Barry’s essay provides explanations of the market economy, entrepreneurship, property rights theory and constitutionalism from a classical liberal perspective. The main elements of this doctrine are defended by Professor Barry against the criticisms of egalitarians, communitarians and the new reconstructed socialists. Despite some intellectual and practical successes the classical liberal doctrine has failed to capture the imagination of the establishment in the social sciences or the support of the electorate at large. Professor Barry shows how classical liberal public choice theory can counteract the apparent decline of the doctrine and enable us to explore the meanings of liberty, social justice and law in the context of contemporary social theory.

In Economic Policy in a Liberal Democracy, Richard E. Wagner offers an approach to welfare economics and economic policy appropriate for a classically liberal society.Professor Wagner explains how welfare economics has been unable to fulfil the aspirations of its advocates because it assumes that the consequences of policy measures are sufficiently knowable to achieve specific and intended outcomes. The standard vision of the corrective state, where the state intervenes to repair economic failures and to achieve beneficial consequences, is revealed to be incoherent because the state lacks the competence to influence economic outcomes. Once the full complexity of the economy is recognized, policy measures are shown to generate a plethora of unintended consequences. What emerges instead is a focus on policy for creating and maintaining a constitutional framework that maintains and supports the liberal order in which people organise their activities.

Lessons for Citizens of a New Democracy provides an authoritative analysis of the foundations of democracy, with relation to the demise of communist ideology. This significant contribution by a leading expert details the tentative process towards democracy in the successor states of the former Soviet Union and attempts to prioritise the issues of central importance in structuring a new democratic state.

Ethnic Diversity, Liberty and the State is an insightful study of highly centralized, unitary systems of government and the breakdown of civil society in sub-Saharan Africa. The author argues persuasively that institutional reform involving decentralization and federalism can better accommodate ethnic diversity in the area.

Liberalism is today under serious intellectual attack. It is said to undermine its own principles, to have lost any strong claims to universal validity, and to foster injustice and inhumanity. Liberalism is associated with Enlightenment thought and is considered by some as an outmoded political philosophy. Professors Rasmussen and Den Uyl take up this challenge to liberalism. They show that liberalism is not locked into traditional ways of understanding itself and has the capacity to enrich itself by intellectual traditions not usually associated with liberalism.Unlike much of liberalism, which defends its politics by resorting to either moral skepticism or moral minimalism, Rasmussen and Den Uyl employ a distinction between normative and “metanormative” principles. The latter are more directly tied to politics and concern principles that establish social/political conditions under which full moral conduct can take place. Thus it is not necessary to minimize the moral universe to support liberalism. Rasmussen and Den Uyl support their distinction through a novel use of neo-Aristotelian virtue ethics, and they show the importance of this distinction when they specifically address the positions of two leading critics of liberalism - John Gray and Alasdair MacIntyre.

Promises, Promises examines from a libertarian perspective, the differing methods and levels of success of adapting contract law in the Czech Republic, Hungary, Poland and especially Russia in the wake of political change. The author analyses the roles of government power and policy, opportunism and private regulatory mechanisms within the pattern of change.