Abstract
The notion that markets lead to law and freedom is said to have originated in Adam Smith's work and is rooted in history. Both the progression and roots seem highly problematic. Neo-Smithian approaches have been refurbished by general acceptance of a contingent nature of the relation. They have also been enhanced by the failures of European Marxist economics in ways predicted with uncanny accuracy. On the other hand, neoclassical claims that democratic welfare systems were only a step away from similar failures have been refuted. Hopes that an international system might impose democracy from outside the nation-state are overly optimistic. Nationalism is rife, with a continuing outburst of ethnic secessions, and little yielding of power to supranational decision makers. The greatest success of supranational authority has rather been in creating subsidiary structures, unlikely to implement fundamental transformation but with potential for supporting such a thrust. These include expert-based operations and the network of nongovernmental organizations.
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