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The defence of the market and economic freedom have been the main objectives of the investigations by liberal thinkers such as Milton Friedman, Gary Becker, F Hayek and L Von Mises. Bearing in mind that the first two economists are the maximum exponents of the Chicago School and the last two of the Austrian School, it is often concluded that the theories of both schools are similar. This book demonstrates that in reality, there is no convergence or complementariness to be found between both schools of thought. The anthropological categories, contributed by Mises, allow us to understand all human phenomena from the view of the man who acts. In this view, economics is part of a philosophical system whose core is the creative capacity of people. Becker's work, on the other hand, is concentrated on the generalization of the homo economicus as the basis for explaining all human behaviour. He generalizes the maximizing principle to explain all human reality, and extends the scope of the application of a so-called scientific and technical view of the world. In this key volume, an important read for those in the fields of economic theory and political economy, Javier Aranzadi argues, in essence, that the tradition of Hayek and Mises encourages a humanistic liberalism, whereas the Chicago School proposes only a technical humanism.

THIS ARTICLE STATES THAT JOHN GRAY'S (A CHAMPION OF CLASSICAL LIBERAL THOUGHT) RECENT CRITIQUE OF LIBERALISM, AND HIS CASE FOR AN APPARENTLY RELATIVISTIC "POST-PYRRHONIAN" POLITICAL PHILOSOPHY, ARE SHOWN TO BE WANTING. WEAKNESSES IN GRAY'S CRITIQUE ARE IDENTIFIED AND DISCUSSED: THE CHARACTERIZATION OF LIBERALISM AS UNIVERSALLY PRESCRIPTIVE CONFUSION, ABOUT WHETHER LIBERALISM IS A GENUINE TRADITION, AND MISUNDERSTANDING OF THE RELATION BETWEEN CONDUCT AND THE VALUE OF FREEDOM. A FORMULATION OF LIBERALISM THAT IS NOT UNIVERSALIST ("TEMPERATE" LIBERALISM) IS OFFERED, AND IT IS SHOWN THAT ONE OF LIBERALISM'S VITAL CONCERNS--CONTROLLING POLITICAL POWER IN ORDER TO PROTECT FREEDOM--IS A HIATUS IN GRAY'S THEORY.

Liberalism will survive this crisis, as it has many others, but it will have changed. The felt need to ensure the security of the economy, and the threats posed to the social order by individuals with potentially threatening capabilities, will require more and more surveillance of our everyday lives and more and more of our participation in those processes of 'keeping an eye out' for anonymous parcels, suspicious behaviours, provocative speech and dangerous thoughts. We will all be enlisted in the Army of Observation, free to choose but self-regulating in our choices. Everyone will watch everyone, and the new age of opto-liberalism will have dawned.

1. Reclaiming Democratic Classical Liberalism; David Ellerman -- 2. Democracy, Liberalism, and Discretion: The Political Puzzle of the Administrative State; Stephen Turner -- 3. Ordoliberalism as the Operationalisation of Liberal Politics; Mikayla Novak -- 4. Liberalism, Through a Glass Darkly; David F. Hardwick and Leslie Marsh -- 5. Liberalism and the Nine Waves of Modern Freedom; David D. Corey -- 6. Liberalism for the 21st Century: From markets to civil society, from economics to human beings; Gus diZerega -- 7. The Origins of the Rule of Law; Andrew Irvine -- 8. Burke's Liberalism: Prejudice, Habit, and Affections and the Remaking of the Social Contract; Lauren Hall -- 9. Democratic Peace Theory, Montesquieu, and Public Choice; Sarah Burns and Chad Van Schoelandt -- 10. 'China's Hayek' and the Horrors of Totalitarianism: the Liberal Lessons in Gu Zhun's Thought; Chor-yung Cheung.