Tully Rector

Our present crises are growing more urgent, pervading many domains of public life—economic, political, environmental, and social. This motivates scholars to find more adequate, combinatory perspectives from which to explain them. One such effort, under the broad heading of Law and Political Economy (LPE), challenges an established view of legality that insulates the market and its dominant actors from critique and accountability. The established view is based on two misconceptions. First, it sees the real function of a capitalist legal device, whether in contracts, antitrust, property, or corporate law, in terms of efficient wealth creation; this function is its underlying rationale and normative aim. Second, it tends to remove equality, coercion, and legitimacy—the core problems of power—from the scope of economic appraisal. When laws and policies are fashioned out of these ideas, democratic institutions will be unable to counter the dominance of capital. New analytical approaches are therefore necessary (Purdy et al. 2020). Along with researchers in associated fields, LPE scholars are attempting to better understand the legal constructions in which financial and political power are anchored and to develop new ways of integrating the economy into democratic life. Robé is a leading voice in these debates. His new book, Property, Power, and Politics, encloses in one volume his ideas on the role of incorporated firms—and of markets, property, and finance—in the larger dynamics of global politics. In this symposium, interlocutors with backgrounds in law, political science, and philosophy engage with this rich analysis. This introduction provides an overview of the book’s arguments (sections 2 and 3) and then introduces the contributions (section 4).

Capitalism is not only an economic order, but a form of life. Market socialism is proposed as an alternative, and should be assessed according to the standards of second-order coherence and social rationality that make a form of life habitable. I argue that it fails to meet those standards. Competitive market practices encode values that determine specific reasons for action and belief, reasons antithetical to those given by the principle of community. That principle, however, validates the politics under which common capital ownership is secured. The selfsame agents, in their fulfillment of essential and non-negotiable functional roles, are required to be equally responsive to incompatible reasons. This undermines the case for market socialism’s general stability.

This paper presents and defends a new conception of freedom as a value in the sphere of economic production. It challenges the common, proprietarian-contractual view of economic liberty. My alternative integrates three elements: compossible control, non-alienation, and reason-responsiveness. After surveying various forms of freedom, conceptual ground is cleared for the presentation of those three elements in a relational structure. I define them, show how they interpenetrate, and argue for their shared centrality. Compossible control involves a person’s conditions of economic agency being sufficiently under their influence to satisfy their entitlement to a self-directed life, consistent with others having equivalent control in their own case. Non-alienation involves having reasons to apprehend one’s productive activities as a worthy manifestation of one’s identity. Reason responsiveness obtains when the requirements of production that one faces can be met by weighing and acting on reasons one takes as normative. I then discuss possible objections to my account. These have to do with its consistency with market requirements, the coherence of its basic distinctions, and the importance ascribed to non-alienation. I show how each of these objections are defeated.

This paper offers a brief account and defense of freely associated production as a political ideal. I discuss its conceptual structure, specifying what is meant by free association in terms of economic production, the sense in which it is a value for political order, and its approximate place in an historical lineage of reflection on freedom. Given that our economic arrangements are constitutively determined by law and public policy, and involve relations of governing power, the values that legal authority must subserve bear directly on the productive sphere. One of those values – arguably the highest – is relational freedom. Reigning structures of production violate its demands. Without understanding the ways in which that violation occurs, we cannot effectively address some of our most urgent social crises.