Hayek, Novak & the Limits of Laissez Faire

The Cult of Capitalism

When laissez-faire economists believe in God, they are usually certain that he is one of them. The invisible hand of the market is, they think, also the hand of Divine Providence, which anoints and protects those who manage to provide for themselves.

In 1835, the American economist Henry Carey complained that Britain and France, in restricting trade between themselves, were “doing all in their power to frustrate the designs of the Deity...

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About the Author

Angus Sibley, a fellow of the Institute of Actuaries and a former member of the London Stock Exchange, writes from Paris. His Web site is www.equilibrium-economicum.net.