Justificatory Fables of Ordoliberalism: Laissez-Faire and the “Third Way”
CRS0010.1177/0896920519832638Critical SociologyDale 832638research-article2019 SYMPOSIUM: Neo-Liberalism and Ordoliberalism: One or Two Critiques? Critical Sociology 2019, Vol. 45(7-8) 1047 –1060 Justificatory Fables of © The Author(s) 2019 Ordoliberalism: Laissez-faire Article reuse guidelines: sagepub.com/journals-permissions and the “Third Way” https://doi.org/10.1177/0896920519832638DOI: 10.1177/0896920519832638 journals.sagepub.com/home/crs Gareth Dale Brunel University, UK Abstract This article critically examines two conceptualisations of ordoliberalism. In one, it is defined, together with neoliberalism, against 19th-century liberalism (in its social liberal and laissez-faire variants). This reading was common among ordoliberals themselves, and early neoliberals such as Friedrich von Hayek, as well as among critics, notably Michel Foucault. In another, ordoliberalism is contrasted to neoliberalism, with the latter presumed to be a species of laissez-faire economics. This reading is commonly accompanied by the supposition that ordoliberalism represents a “Third Way” between capitalism and socialism, or between laissez-faire liberalism and state planning. The main body of this contribution presents a critical analysis of both positions, by way of analysis of ordoliberal texts and a history of the discourse of laissez-faire. Keywords Austrian School, laissez-faire, neoliberalism, ordoliberalism, Third Way Introduction Despite having lost status and definition as a current of economic thought since its heyday in the 1950s, the ordoliberal spirit has retained its presence within the German establishment and receives ritual obeisance still today, with ordoliberal incantations serving to signpost an assortment of lib- eral-conservative positions and mentalities (Hien and Joerges, 2018).1 Its fortress has long been the Bundesbank.
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