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THE MARKET, COMPETITION AND DEMOCRACY

A Critique of Neo-Austrian Economics


Stavros Ioannides, Associate Professor of Economics, Department of Political Science and History, Panteion University, Athens, Greece
The Market, Competition and Democracy provides a comprehensive critique of neo-Austrian economics, from the work of von Mises and Hayek in the 1920s to the present day. It is argued that, in their effort to deprive the state of any power to intervene in the economy, the neo-Austrians are led to a rejection of democratic politics and, thus, instead of promoting liberty, their ideas lead to an authoritarian political structure.
Extent: 208 pp
Hardback Price: $145.00 Web: $130.50
Publication Date: 1992
ISBN: 978 1 85278 531 4
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  • Economics and Finance
  • Austrian Economics
  • Economic History
  • History of Economic Thought
  • Post-Keynesian Economics
The Market, Competition and Democracy provides a comprehensive critique of neo-Austrian economics, from the work of von Mises and Hayek in the 1920s to the present day. It is argued that, in their effort to deprive the state of any power to intervene in the economy, the neo-Austrians are led to a rejection of democratic politics and, thus, instead of promoting liberty, their ideas lead to an authoritarian political structure.
‘. . . this is an interesting book by an informed scholar.’
– Norman Barry, Political Studies

‘Austrian economic theory has heavy ideological overtones and is associated with extreme policy recommendations. Unfortunately, in such circumstances surfeits of both blind praise and ill-informed criticism have emerged. This book by Stavros Ioannides is a rare and important exception. It is written by someone – not himself a member of the Austrian School – who is nevertheless aware of the subtleties and complexities of Austrian thought and of the heterogeneity within the Austrian camp. He is not afraid, for instance, of noting the similarities as well as the differences between Austrian economics and the work of Marx. This is a book which deserves a wide reading by social scientists.’
– Geoffrey M. Hodgson, University of Hertfordshire, UK

‘In this volume we find a thoroughgoing exposition of modern Austrian economics together with a searching critique of it from the vantage point of “democratic socialism”. . . . Dr Ioannides has provided a lucid and largely accurate account of Austrian positions on perhaps the entire span of economists’ concerns.’
– Israel Kirzner, The Freeman

‘Stavros Ioannides’s The Market, Competition and Democracy is an exciting project in that it is a rare example of a scholar from the Leftist tradition taking Austrian economics seriously.’
– Emily Chamlee, Journal of the History of Economic Thought