Spontaneous Market Order and Social Rules

Discoverers of “market failures†as well as advocates of the general efficiency of a “true, unhampered market†sometimes seem to disregard the fundamental fact that there is no such thing as a “market as such.†What we call a market is always a system of social interaction characterized by a specific institutional framework, that is, by a set of rules defining certain restrictions on the behavior of the market participants, whether these rules are informal, enforced by private sanctions, or formal, enforced by a particular agency, the “protective state,†in J. M. Buchanan's (1975) terminology.

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