Abstract
The paper compares Friedrich Hayek’s classic analysis of ‘unlimited democracy’ to arguments put forward by Walter Eucken, the founder of German ordoliberalism. It is shown that Eucken’s criticism of democracy is directly related to his liberal conviction: similar to Hayek, Eucken anticipates the possibility of interest groups to engage in rent seeking through the democratic process. In view of Hayek’s distinction between the basic ideal of democracy and its institutional realisation, it is argued that Eucken’s criticism relates to the latter aspect. Furthermore, the paper maintains that a comprehensive liberalism as represented by Eucken and Hayek implies a constitutional concept of democracy.
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