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The Natural Law Foundation of the Market |
GUO Rui1( ), John S. Baker, Jr.2() |
1. S.J.D., Harvard Law School, Cambridge, MA, United States; Associate Professor, School of Law, Renmin University of China, Beijing 100872, China.
2. Ph.D. in Political Thought, University of London, London, UK; Visiting Professor, The Center for the Constitution, Georgetown University Law Center, Washington D.C., USA; Professor Emeritus, Louisiana State University Law Center, Baton Rouge, Louisiana 70803, USA. |
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Abstract In answering three important questions related to natural law, this paper offers a coherent explanation of the market. We argue that the market, rather than a mechanism that simply serves narrow self-interests, finds its legitimacy in the ethical origins of the market order. The need for law to support and sustain the market, including by imposing necessary limits on the freedom of the market players, flows from those ethical origins.
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| Keywords
natural law
market regulation
the principle of subsidiarity
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Issue Date: 13 January 2021
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