Conservative Liberalism Ordo Liberalism and The State Disciplining Democracy and The Market Kenneth Dyson Full Chapter

Conservative Liberalism,
Ordo-liberalism, and the State:

Disciplining Democracy and the Market
Kenneth Dyson
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Conservative Liberalism, Ordo-Liberalism,

and the State
Conservative Liberalism,
Ordo-Liberalism, and
the State
Disciplining Democracy and the Market
K E N N E T H DYS O N
1
1
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For Ann
Live with your century, but do not be its creature; serve your contem-
poraries, but give them what they need, not what they praise.
Friedrich Schiller (2016/1795), On the Aesthetic

Education of Man, Ninth Letter: 32. Quoted by
Walter Eucken at the end of his lecture ‘The Struggle
of the Sciences’ (Der Kampf der Wissenschaften) at
the University of Freiburg, 1936 (text available in the
Thüringer Universitäts- und Landesbibliothek, Jena,
Nachlass Walter Eucken)
[Academic neutrality] leads only to the emasculation and disarma-

ment of the social sciences in the struggle against the terrible threat
to our civilization from collectivism, which severs the freedom as
well as the living nerves of science.
Wilhelm Röpke in a speech in Rome on 31 May 1952

(Röpke Papers, file 24, Institute for Economic Policy,
Cologne University), author’s translation
Acknowledgements
In writing this book I have incurred an enormous number of debts. The daunting
challenge of acknowledgement reflects the way in which the book evolved to
become more ambitious than originally intended. It starts from the premise that
Ordo-liberalism cannot be properly understood without setting it in the larger
cross-national context of conservative liberal thought and locating both more
broadly in the complex and variegated history of liberalism. The consequence is a
book that is wide-ranging, comparative, and historical in nature and that took a
long time to complete.
The book combines critical reflection on primary and secondary texts in vari-
ous languages, many unavailable in English, with original research, using archival
sources and conducting confidential elite interviews, across a range of countries.
Many colleagues have generously sought out texts that might be relevant to my
purpose and tolerated my questions and half-formed musings. Interviewees have
been equally patient. The complications of acknowledgement in no way detract
from my pleasure in thanking all those who, in varying ways, have helped in mak-
ing this book possible. And, of course, the usual disclaimer applies. Those who
are acknowledged are in no way responsible for errors of fact, unfortunate omis-
sions, infelicities of interpretation, or inconsistencies that have entered the text.
Ordo-liberalism has been a recurrent theme in my thinking and writing about
Germany and Europe. Not only has it proved a persistent and resilient body of
thought. Also, use of the term has exploded in academic publications, with Ordo-
liberalism becoming highly controversial with respect both to its contents and to
its presumed real-world effects. Beginning with The State Tradition in Western
Europe (2009/1980: 95–6), I stressed the intimate connection between Ordo-
liberalism and continental state theory, especially legal theory. The character of
Ordo-liberalism reflects its continental Roman-law context. The Roman-law
tradition emphasized the role of exhaustively codified rules in mitigating the
uncertainty of law and in giving predictability to individuals in managing their
economic, social, and political lives. It contrasted with the common-law approach,
which favoured situational judgements, and which relied on litigation and
precedent to mitigate the uncertainty of law. One reason for returning to this
connection between Ordo-liberalism, the state, and law is to correct a tendency—
pronounced in the English-language world—to analyse and critique Ordo-
liberalism from the narrow perspective of economic theory. From its inception,
law and philosophy played crucial roles in shaping not just Ordo-liberalism but
also conservative liberalism more broadly. Their presence was evident in the work
x Acknowledgements
of such thinkers as Louis Brandeis and Henry Simons; Franz Böhm, Walter Eucken,
Friedrich von Hayek, and Ernst-Joachim Mestmäcker; and Jacques Rueff. A com-
petitive market economy was not just a matter of economic efficiency and pros-
perity. It was fundamentally about securing and safeguarding individual rights,
about human flourishing, and about the inner life of man.
Ordo-liberalism recurred in my later writing on German political economy
and on the history of the Economic and Monetary Union (EMU) in Europe (e.g.
Dyson and Featherstone 1999: 263–6, 274–85, 332–4). It featured in my States,
Debt and Power (2014: 262, 275, 612–17, 622–9) as offering a justification of the
power of net creditor states and guidance on the use of this power. Disciplinary
conceptions of liberalism—with their associated language of ‘saints’ and ‘sin-
ners’—had instrumental value for those who promoted the interests of net cred
itor states, notably in the strategic positioning of German power in post-war
Europe (cf. Röpke 1954, 1959). Views about Ordo-liberalism—positive and negative—
were very much bound up with attitudes to appropriate behaviour in creditor–
debtor relations, to who bears the burden of adjustment when problems arise. For
this reason, it is not surprising that Ordo-liberalism retained a narrative appeal to
post-war German elites, who from the early 1950s sought to protect their inter-
ests as a net creditor power. This appeal could also extend to elites in debtor states
who looked for guidance on how to restore creditworthiness: for instance, to
Reinhard Kamitz in his pursuit of monetary stabilization as Austrian finance
minister in the 1950s (Diwok and Koller 1977: 27).
My thinking about Ordo-liberalism focused on its instrumental as well as its
normative value. It provided for governing elites a useful explanation of why
some states proved successful in state, economic, social, and cultural develop-
ment, while others failed. Ordo-liberalism also provided guidance about the way
forward and about who was best suited to offer leadership. In addition, it had
value as a narrative that promised to deliver social cohesion by addressing prob-
lems of private as well as public power. Ordo-liberalism offered a means to social-
ize people into an appropriate set of social norms like individual responsibility,
self-restraint, discipline, hard work, frugality, and thrift. And, not least, Ordo-
liberalism provided a basis for legitimizing and privileging certain institutions
and power relationships that could ensure social cohesion and safeguard appro-
priate social norms.
In writing this book I have been reminded of the vital importance of what one
can learn from the archives and from the support of archivists. The personal
papers, alongside the published works, of the founding thinkers of conservative
liberalism and Ordo-liberalism offer an indispensable insight into their extraor-
dinarily broad-ranging intellectual erudition and aesthetic sensibility. Their writ-
ings encompass the history of economic and political thought, social and cultural
history, imaginative literature, ethical philosophy, political science, and legal the-
ory, as well as economics. A defining feature was their attempt to transcend the
Acknowledgements xi
scope of economics, narrowly defined, and see political economy in its larger
context. The archives are invaluable in addressing basic questions about when,
and in what circumstances, their texts were written. Their copious correspond
ence, preparatory notes for their books and articles, lecture notes, and records of
their talks and meetings help to locate their evolving thinking in its wider per-
sonal, intellectual, and historical contexts. The archives offer insights into the sig-
nificance that authors attributed to their own texts. They are also invaluable in
plotting cross-national networks that tie founding Ordo-liberals to each other
and to conservative liberalism more generally.
Detailed biographical research in archives influences how one thinks about
conservative liberalism and Ordo-liberalism. Exposure to their thinking pro-
cesses makes it difficult to believe that one can do full justice to them through
neat, abstract categorization of individual thinkers. Their thinking reflected
differences in socialization and in the contexts in which they operated, cross-
nationally and not least over time. Böhm, Hayek, Alfred Müller-Armack, and
Röpke lived much longer than Eucken and his successor in Freiburg, Leonhard
Miksch, both of whom died in 1950. They had to deal with the challenges that
were thrown up by European integration and by the generational and social
changes that became apparent by the 1960s, not least as they experienced them in
higher education. They faced questions about whether, and how, to adapt their
thinking. In consequence, their lengthy individual life-stories combined consist-
ency with evolution in their thinking in ways that were far from consistent intern
ally or with each other.
Conservative liberalism and Ordo-liberalism came to embody internal variety
and to reflect the imprints of historical contingency. At the same time, patterns
are discernible. Their individual thinkers display overlapping and cross-cutting
features—family resemblances—which suggest a shared way of looking at the
world. Conservative liberalism and Ordo-liberalism possess a measure of internal
coherence and distinctive contours, while evolving in ways that lack a single,
definitive, and finalized form.
The archives and personal papers of founding conservative liberals and Ordo-
liberals show that they defined themselves in opposition to the academic world of
narrow, highly specialized economic or legal experts. They sought to develop
critical economists and lawyers who could master their subject but think beyond
it, who could contextualize economics and law (Goldschmidt in Caspari and
Schefold 2011: 302, 308). Conservative liberals and Ordo-liberals believed it was
vital to avoid becoming an insular community of experts who communicated
only with each other in a highly technical, inaccessible way. The emphasis was on
asking large, ambitious questions, on relevance and on rigour, as well as—as the
opening quote of Röpke demonstrates—on not being constrained by a misplaced
notion of academic neutrality.
xii Acknowledgements
The founding conservatives and Ordo-liberals are more properly understood

as philosopher-economists or philosopher-lawyers. They defined their role as
architects, designing the foundations of economic, political, and social order
(Dyson 2016; Tietmeyer 1999; also Posner 2003). This self-definition led them to
carve out a role as public intellectuals. They were simultaneously deeply immersed
in, and comfortable with, the world of ideas and theory and engaged in a practical
discourse that sought to advance a distinctive political agenda. The interest of
conservative liberals and Ordo-liberals in the intellectual and historical founda-
tions of an order that safeguarded freedom and their stress on the interdepend-
ence of the legal, economic, social, and political orders led them to theorize on
general matters of long-term public concern. They were extraordinarily erudite,
encompassing an impressive breadth and depth of knowledge across the human
ities and the social sciences. This formative background enabled conservative lib-
erals and Ordo-liberals to draw on, and engage in, foundational debates within
philosophy, cultural history, historical sociology, economics, law, political science,
and in some cases—like Louis Rougier—the natural sciences. Simultaneously,
they were engaged in a public ideological activity that claimed the mantle of
legitimacy for a distinctive way of thinking about liberty. They sought to deny the
mantle of legitimacy both to collectivists, amongst whom they included social
liberals, and to libertarians. They feared that social liberals were subverting liber-
alism from within by making socialism—in a general ethical sense—part of lib-
eral terminology.
The archives also show that the social and economic roots of conservative lib-
eralism and Ordo-liberalism were firmly planted in the cultivated bourgeois
intelligentsia, in what Germans refer to as the Bildungsbürgertum. In developing
their web of beliefs, the founding thinkers drew on the favoured canonical authors
and texts within this social stratum, with copious referencing of thinkers like
Johann Wolfgang von Goethe and Friedrich von Schiller. By this strategy of cit
ation and quotation, they aimed to secure their own canonical status within con-
servative liberalism and Ordo-liberalism (cf. Ajouri 2017). Analysis of their
citations and quotations (Chapters 5–7) shows how they acquired an elevated
standing by identification with a distinct moral community and cultural milieu
whose values they affirmed in this way as authoritative.
The founding conservative liberals and Ordo-liberals embodied both the vir-
tues and the limitations of the cultivated bourgeois intelligentsia (cf. Bruford
1975; Schäfer 2017). The archives underline their dedication to the intrinsic val-
ues of aesthetics, culture, and the intellect and to an ethical and critical perspec-
tive on the economy, society, and state. For them, liberalism was inseparably
bound up with cultivating the inner life of man, not just or mainly with changing
the external environment. Conservative liberals and Ordo-liberals were uncom-
fortable with what they saw as the superficiality, mediocrity, and philistinism that
was fostered by mass politics, commercialism, consumerism, and the reduction of
Acknowledgements xiii
public life to entertainment. They regretted the destruction of virtue by cynical

careerist and demagogic politicians, by profit-obsessed entrepreneurs, by an anti-
competitive and rent-seeking capitalism, and by hedonistic consumption and its
accompanying obsession with, and celebration of, the external material world.
Conservative liberals and Ordo-liberals inhabited the world of an intellectual
‘aristocracy’ within the bourgeoisie, one that abhorred moral relativism and the
notion that all opinions were equal. They saw themselves as entrusted with a
humanistic, civilizing mission on behalf of a liberalism that was concerned with
expanding and deepening the inner world of man and with safeguarding aesthetic
and cognitive standards (cf. Kahan 1992). This mission involved drawing on past
references that were already familiar to the cultivated intelligentsia: from aristo-
cratic liberalism, from ethical philosophy, and from religion. Out of this social
stratum, and these past sources, conservative liberals and Ordo-liberals set new
priorities within liberalism; sought to justify this claim by reference to authorita-
tive evidence; and evolved an identity through which they sought to distinguish
themselves from other forms of liberalism—the market fundamentalists of laissez-
faire liberalism, social liberals, and pragmatic liberals.
The erudition of the founding conservative liberals and Ordo-liberals, com-
bined with their narrow social basis as a minority (even in bourgeois terms), cre-
ated a problem in the ‘arts of translation’. Their problem was how to frame and
communicate their intellectual knowledge in terms that connected to the every-
day lives of the wider public, to their lived experiences of capitalism and mass
democracy, as well as to the everyday challenges facing those in power. The
strength of their belief in creating and sharing a civilizing mission of identity-
building and cultural renewal around liberalism was not so readily complemented
by skills in political communication and public persuasion. The cultural gap that
confronted this kind of liberalism was evident in the collapse of the Weimar
Republic (Hacke 2018). In post-war Germany Ludwig Erhard was the key figure
in helping to bridge this cultural gap through his skills in political communica-
tion and persuasion. He, along with his advisors, translated Ordo-liberalism into
the popular terminology of the ‘social market economy’ and built up powerful
media support (Hentschel 1996; Laitenberger 1986; Wünsche 2015a, 2015b).
Despite this problem of the arts of translation, the personal archives of found-
ing conservative liberals and Ordo-liberals reveal how intensely some of them
were engaged with major and urgent policy questions of public concern. To dif-
ferent degrees, for varying lengths of time, and with variable success, they took on
the role of statesmen-economists and statesmen-lawyers. German examples
included Böhm, Miksch, Röpke, and Alexander Rüstow. Outside Germany,
Brandeis, Luigi Einaudi, Ralph Hawtrey, Kamitz, Rueff, Simons, and Paul van
Zeeland represented a similar type of conservative liberal. They addressed press-
ing problems of cartel and trade-union power, inflation, economic depression,
political extremism, and the popularity of collectivism and national
xiv Acknowledgements
protectionism. Böhm, Einaudi, Kamitz, Miksch, Müller-Armack, Rueff, Otto

Veit, and van Zeeland involved themselves directly with the challenges of post-
war economic reconstruction and European integration. They became actively
involved with issues of monetary, fiscal, wage, exchange-rate, trade, and competi-
tion policy.
Crucially, however, in this statesman-economist role the founding conservative
liberals and Ordo-liberals sought to retain their authority as intellectuals. To
them, policy questions were not simply practical and technical. They were
‘culture-defining’ and ethical, about how we live and should live (e.g. Briefs 1930,
1980; Eucken 1926, 1932b, 1938b; Müller-Armack 1948a, 1949, 1970; Nell-
Breuning 1949, 1974; Rüstow 1955, 1963a; Schlecht 1983; Veit 1935, 1954, 1970,
1981; Willgerodt 2011). The label ‘political economists’ does not adequately
encompass their range. They were publicly engaged scholars, dedicated to speak-
ing truth to both ‘power’ and ‘the public’ and thus, for many, challenging and
uncomfortable thinkers. Conservative liberalism and Ordo-liberalism developed
a powerful critical cutting-edge on cultural, social, economic, legal, and political
matters.
Access to the private papers provides insight into just how intensively con-
servative liberals and Ordo-liberals corresponded with each other, with those
attached to other traditions—above all the Austrian and the old Chicago—and
with a wide range of policy makers. Walter Lippmann, Rougier, Rueff, and Röpke
corresponded actively about the Lippmann Colloquium in 1938 and the subse-
quent, short-lived foundation and activities of the International Centre for the
Renewal of Liberalism (Centre International pour la Rénovation du Libéralisme)
(Denord 2007; Lecoq 1989). After 1945 Eucken, Hayek, and Röpke exchanged
copious letters about the formation of the Mont Pèlerin Society (Plickert 2008:
132–50). These two examples illustrate the intensity of the efforts to establish a
cross-national body of intellectuals who were united by a shared mission: to
rebuild liberalism on new foundations and, in this way, to combat tendencies
both to private monopoly power and to state power and to a destructive symbi
osis of the two in a rent-seeking capitalism that hollowed out both liberalism and
democracy.
Röpke stands out as a notably prolific correspondent, in a variety of languages,
on an extraordinary range of topics. From 1937 to 1948 he occupied a special
position in Europe and beyond as a Swiss-based ‘Super-Hub’ in Ordo-liberal
networking, at a time when German intellectuals were isolated (recognized by
Eucken in a letter to Röpke, 10 November 1949, Thüringer Universitäts- und
Landesbibliothek, Jena, Nachlass Walter Eucken). In the 1950s Röpke’s inter
national network embraced academics, journalists, and businesspeople, notably
in Germany, Switzerland, and Italy (Hennecke 2005: 187–8). The Röpke papers
reveal his deep and increasingly troubled involvement with the Mont Pèlerin
Society, leading to his eventual resignation. They also contain his extensive
Acknowledgements xv
correspondence with Erhard as German federal economics minister, mostly

between 1948 and 1957, as well as with federal chancellor Konrad Adenauer.
Eucken, Einaudi, Hayek, Rüstow, and Veit also figured prominently in this corres
pondence. Röpke’s continuing nodal role in networking was evident in the sheer
scale of his correspondence with Albert Hunold about the affairs of the Mont
Pèlerin Society and with Wolfgang Frickhöffer about the affairs of the Action
Group for the Social Market Economy (Aktionsgemeinschaft Soziale
Marktwirtschaft) (e.g. Röpke 1976).
The broad range of the intellectual and practical engagements of conservative
liberals and Ordo-liberals surfaces not just in their many books, their voluminous
articles for specialized learned journals, their private notes, and their correspond
ence. They appreciated the importance of presence in the public sphere for the
dissemination of their ideas. They engaged actively with the media in Germany,
as well as with the media in the Allied occupying powers in the late 1940s (also
Herzer 2015; Kutzner 2015; Löffler 2003). They also made active use of the insti-
tutional networks of the Mont Pèlerin Society. In Germany, they were involved
with the scientific advisory council (wissenschaftlicher Beirat) of the federal eco-
nomics ministry; with the Kronberg Circle (Kronberger Kreis) and its parent body
the Market Economy Foundation (Stiftung Marktwirtschaft); and with the Action
Group for the Social Market Economy—all badges of Ordo-liberal identity.
As public intellectuals, conservative liberals saw their mission as bringing
about broad cultural change in the face of formidable opposition, not least from
vested interests in both government and the economy (Löffler 2010b). This
description is particularly apt in the cases of Lippmann in the United States before
1940, Röpke in the German-speaking world, Rougier in France before 1940,
Einaudi in Italy from 1943–4, Kamitz in Austria during the 1950s, and van
Zeeland in Belgium in the 1930s. They each defined a powerful ‘other’ against
which they sought to build new circles of belonging that were founded on shared,
renovated liberal values and meanings.
The public engagement of the founding conservative liberals and Ordo-liberals
is manifested in their voluminous national and cross-national correspondence
with leading political figures and media commentators and in their columns in
the national press. Einaudi wrote prolifically for the newspapers Corriere de la
Serra and La Stampa. Brandeis wrote numerous articles for Harper’s Weekly,
whose editor Norman Hapgood was a great admirer, and provided material for
Lippmann’s newspaper columns. He was a close advisor of US president Woodrow
Wilson and of the progressive political leader, Robert LaFollette. Röpke was an
active columnist in the Neue Zürcher Zeitung and the Frankfurter Allgemeine
Zeitung. He corresponded actively with their respective editors, Willy Bretscher
and Erich Welter, as well as with the editor of the Rheinische Merkur, Franz Albert
Kramer. Röpke was widely read by centre-right politicians and thinkers across
the German-speaking world, with Die Presse a major outlet for his ideas in Austria.
xvi Acknowledgements
In this way he sought to strengthen what he saw as Erhard’s precarious position in

the German federal government (Hennecke 2005: 188).
Some Ordo-liberals were journalists by profession. Bretscher at the Neue
Zürcher Zeitung was close to Röpke. Paul Fabra (1974, 1993, 2010) at Le Monde
and Les Echos admired Rueff, who was an Ordo-liberal self-identifier. Welter at
the Frankfurter Allgemeine Zeitung turned its economics department into the
main media disseminator of the ideas of the Freiburg School and again corres
ponded voluminously with Röpke (Herzer 2015; Kutzner 2015). In the 1930s
Lippmann used both the New York Herald Tribune and the Washington Post to
spread ideas that had a close family resemblance to continental European Ordo-
liberalism (Goodwin 2014). Ordo-liberals did not think of ‘stability culture’ as an
historic given. It was a cultural achievement, fragile and requiring careful cultiva-
tion of public opinion through media dissemination (Löffler 2010a: 24, 28, 35,
2010b: 127, 130).
Some private papers proved easier to access than others. The Ludwig Erhard
Centre in Furth, Bavaria is an excellent source of documents, especially on his
role in the 1940s. The papers of Böhm and of Müller-Armack are held in the
Archiv für Christlich-Demokratische Politik der Konrad Adenauer Stiftung in
Sankt Augustin, near Bonn. Those of Röpke can be consulted in the Institute for
Economic Policy (Institut für Wirtschaftspolitik) of the University of Cologne. A
selection of letters was published in Röpke (1976). A digitalized copy of the Röpke
papers can be found in the Wolfgang-Röpke archive at the University of Erfurt.
The personal papers of Rüstow are in the Bundesarchiv in Koblenz. Those of
Hayek can be found in the Hoover Institution Archives at Stanford University.
Two sets of personal papers shed light on key periods. The papers of Constantin
von Dietze are in the Freiburg University library and are a major source on the
role of Freiburg academics in the resistance to National Socialism in the period
1938–44 (Dathe 2018a). The personal papers of Hans Möller, which are housed in
the Institute for Contemporary History (Institut für Zeitgeschichte) in Munich, are
invaluable for assessing the influence of Ordo-liberals during the German monet
ary reform of 1948, including the Conclave at Rothwesten in which he was a par-
ticipant (volume 10 of his papers).
However, easy access to the papers of Walter Eucken only began to be available
from 2013. After deteriorating in a Frankfurt villa, they were moved to the State
and University Library of Thuringia (Thüringer Landes- und Universitätsbibliothek)
in Jena, the hometown of the Eucken family. Here they are complemented by the
archive of his father, the philosopher and Nobel Prize-winner Rudolf Eucken.
This archive contains material relating to the biography of Walter Eucken; his
close intellectual relationship to his mother, Irene (1863–1941), and to his wife,
the cultural philosopher Edith Eucken-Erdsiek (1896–1985); Eucken’s role, and
that of his wife, in the Eucken Association (Euckenbund) and its journal Die
Tatwelt (1925–43); the origins of the Freiburg School; Eucken’s critique of
Acknowledgements xvii
National Socialist economic policy; his relations to the academic resistance in

Nazi Germany; and his critical views on post-war reconstruction and the role of
the Allied occupation authorities. It also includes work that has never previously
been published and his preparatory notes for his main books (Dathe 2018b;
Dathe and Goldschmidt 2003). I am grateful to Uwe Dathe and to Andreas
Freytag (Jena) for their help in accessing this invaluable archive. They were
instrumental in preparing a selection of Eucken’s monographs, essays, diaries,
correspondence, and unpublished works for publication in German (Dathe, Feld,
Freytag, Goldschmidt, and Oswald 2020). Similarly, the papers of Miksch have
only recently begun to be examined. I owe a great deal to the pioneering work on
the Miksch papers by members of the Walter Eucken Institute at Freiburg
University—notably Ekkehard Köhler, and by Dathe (Jena) and Nils Goldschmidt
(Siegen).
In Freiburg I benefited immensely from the guidance of Köhler, Daniel
Nientiedt, and Viktor Vanberg in accessing German sources and from their
insights into German debates. They provided me with access to the wonderful
resources of the Walter Eucken Institute and acted as most generous hosts. This
Institute contains the libraries of Friedrich Lutz and Karl Schiller, while the
University library has copies of Die Tatwelt, the journal of the Eucken Association.
In addition, Steffen Roth of the Institute for Economic Policy at the University of
Cologne kindly granted me permission to use their collection of the papers
of Röpke.
Helmut Schlesinger (former president and chief economist of the Bundesbank)
was most generous in patiently answering many of my detailed questions about
Germany’s post-war economic and monetary policies. I also benefited greatly
from the very helpful comments of Otmar Issing (former chief economist of the
Bundesbank and the first chief economist of the European Central Bank, ECB) on
the first draft of Chapter 11. Rolf Herget (head of the historical archive of the
German Bundesbank) assisted me in accessing key documents and papers relat-
ing to Ordo-liberalism and the Bundesbank. I am also grateful to Carl-Ludwig
Holtfrerich (Free University of Berlin) for help with sources on the Weimar
period. On the economic journalism of the Frankfurter Allgemeine Zeitung I
benefited greatly from the advice of Martin Herzer (European University Institute,
Florence) and Maximilian Kutzner (Julius-Maximilians-Universität Würzburg).
Heike Schweitzer (Humboldt University of Berlin) and her assistants were
enormously helpful in helping me to track down sources on the legal aspects of
Ordo-liberalism and for guiding me through the literature on competition policy.
Uwe Blaurock (Freiburg) provided valuable insights into the role of Ordo-
liberalism in German teaching and research in economic law. Josef Hein (Milan
University), Troels Krarup (Copenhagen University), and Philip Manow (Bremen
University) assisted me in coming to grips with the religious foundations of
Ordo-liberalism.
xviii Acknowledgements
I also received great help from Sebastian Dullien (European Council on

Foreign Relations, Berlin), Lothar Funk (Hochschule Düsseldorf), Christian
Joerges (Bremen University and the Hertie School of Governance, Berlin), Tim
Krieger (Freiburg University), Oliver Landmann (Freiburg University), Bernhard
Löffler (Regensburg University), Hanspeter Scheller (formerly the ECB), Claus
Tigges (German Bundesbank, Berlin), Michael Wohlgemuth (Open Europe,
Berlin), and Barbara Young (Münster University). I learnt a great deal from par-
ticipation in the research workshop on Ordo-liberalism, organized by Christian
Joerges in May 2016 in Berlin, and from my part in the lecture series, organized
by Tim Krieger in 2017 in Freiburg. These events helped me to test some of my
early thinking in the subsequent edited books (Dyson 2017, 2019).
For guidance in accessing French sources on conservative liberalism, I am
indebted to Eric Bussière (University of Paris-Sorbonne), Patricia Commun
(University of Cergy Pontoise), and Caroline Vincensini (École Normale
Supérieure, Paris). They made it possible for me to consult in detail the works of
Rougier and of Rueff. The papers of Rougier are available at the Rougier
Foundation in the Chateau de Lourmarin in Provence. Tristan Lecoq and François
Denord have produced pioneering work using this archive. Particularly useful are
the papers relating to the Walter Lippmann Colloquium in August 1938 (sub-
section 8.3), the correspondence with Lippmann, and, above all, that with Rueff
(sub-sections 1.2 and 1.3). There was also an intense correspondence between
Rougier and Maurice Allais between September 1945 and July 1947. The papers
of Rueff that are cited here are in the French national archives at Pierrefitte-sur-
Seine. I am grateful to Christopher Chivvis (RAND Corporation) and to Marie
Daou (University of Paris 1, Pantheon-Sorbonne) for advice on Rueff. Alexandre
Moatti (University of Paris-Diderot) provided a helpful ‘economist-engineer’ per-
spective, drawing on the archives of the École Polytechnique and the Corps
des Mines.
In the case of Britain, the personal papers of Edwin Cannan and Lionel
Robbins are held in the London School of Economics and Political Science (LSE)
library. I benefited greatly from the advice of Susan Howson (University of
Toronto) on Lionel Robbins and the Ordo-liberals and for the material that she
provided. I would also like to acknowledge the assistance of the staff at the
Churchill Archives Centre in Churchill College, Cambridge for their help in
accessing the papers of Sir Ralph Hawtrey, notably his correspondence and
unpublished manuscripts. Clara Elisabetta Mattei (Scuola Superiore Sant’Anna,
Pisa) also offered helpful guidance on the Hawtrey papers. In addition, Köhler
(Freiburg University) offered useful advice on the Simons papers in Chicago,
Schweitzer (Humboldt University, Berlin) on Brandeis, and Vanberg (Freiburg
University) on James Buchanan. Andrew Gamble (Sheffield University) provided
valuable comments on the first draft of Chapter 9. Jeremy Shearmur (Australian
Acknowledgements xix
National University) proved an invaluable guide on the role of think tanks and
libertarian journalists.
Italian scholars were enormously helpful to me in examining the links between
German Ordo-liberals, notably Röpke, and Italian liberals like Carlo Antoni,
Costantino Bresciani-Turroni, Einaudi, Panfilo Gentile, Ernesto Rossi, and Don
Luigi Sturzo. I would like to thank Pier Francesco Asso (University of Palermo),
Giovanni Farese (European University of Rome), Flavio Felice (Lateran Pontifical
University, Rome), Alberto Giordano (University of Genoa), Antonio Magliulo
(UNINT University, Rome), Sebastiano Nerozzi (University of Palermo),
Giovanni Pavanelli (University of Turin), and Stefano Solari (University of
Padua). They directed me to relevant Italian sources; to the rich archives of the
Fondazione Luigi Einaudi in Turin, especially the Einaudi–Röpke correspond
ence, 1934–61, and the Einaudi–Rossi correspondence, 1925–61; and to the
Catholic humanist tradition and its connections to Ordo-liberalism.
I owe a special debt to my colleagues David Boucher and Andrew Vincent at
Cardiff University. They helped me to develop my thinking about the philosoph
ical roots of Ordo-liberalism, as well as about the connections between the trad
ition and the political ideologies with which it has been linked historically. These
discussions sharpened my awareness of the normative political foundations of the
Ordo-liberal tradition. They helped me to examine in more detail the influence of
neo-Kantian Idealist philosophy and of phenomenological philosophy, particu-
larly the work of Gaston Bachelard, Franz Brentano, Edmund Husserl, Rudolf
Eucken, and Max Scheler. I would also like to thank Luisa Tramontini of the
Cardiff University Arts and Humanities Library. She helped to provide relevant
citations of Ordo-liberalism in publications since 1945 in English, French,
German, and Italian. Cardiff University’s School of Law and Politics also provided
financial support that helped me access various archives related to this project. In
addition, I benefited greatly from the expert help of the staff at the British Library
Reading Room, Boston Spa.
The extensive elite interview research on which the empirical case studies were
based poses more difficult problems of acknowledgement because of ethical
issues of anonymity and confidentiality. I can only record my appreciation to all
those working in official positions who gave so generously of their time to discuss
their views on the nature and influence of Ordo-liberalism in the German and
European contexts. Some debts can be openly acknowledged. I would like to
thank Ivo Maes (Louvain University and the National Bank of Belgium) for dis-
cussions about the role of van Zeeland in Belgium, for his help in acquiring litera-
ture on Kamitz in Austria, and above all for his friendship. In the case of Kamitz,
I am also grateful to Hansjörg Klausinger (University of Vienna) both for his help
with sources and for patiently answering my various questions. Elena Danescu
(University of Luxembourg) provided useful insights into the influence of Rueff
xx Acknowledgements
on Pierre Werner, the long-serving Luxembourg finance minister and prime min-
ister. Exposure to the teaching of Rueff in Paris helped instil in Werner the con-
viction about the importance of sound public finances and sound money in
European integration.
Throughout the process of writing this book I have benefited inestimably from
the enthusiasm, loyalty, and support of Dominic Byatt, my commissioning editor
at Oxford University Press. Working with Dominic on various books has revealed
to me just how fortunate I have been to have his professional editorial guidance. I
have also had the benefit of a highly professional team at OUP to oversee the
book’s production. In particular, I would like to thank my copyeditor, Sally Evans-
Darby, whose keen eye has saved the manuscript from numerous blemishes. The
various confidential readers’ reports proved invaluable as a source of constructive
suggestions from which the final draft benefited enormously. It has been a source
of great personal as well as intellectual pleasure to work with Dominic and his
colleagues at OUP.
My wife Ann has shown endless good humour, kindness, and patience while I
have worked on this book. Her good spirits cheered and distracted me and
brought joy as only she can. No words can adequately express my debt to her. This
book is dedicated to Ann, with love and admiration. I hope that she and our
granddaughter Nevena will live in a world that reflects their natures: a liberal
society with a strong ethic of care, one in which people seek to work for mutual
benefit, one that respects the dignity and worth of each individual, and one that
tries to help all to flourish and lead worthwhile lives.
Kenneth Dyson
Cardiff University
Contents
Dramatis Personae xxiii

Introduction1
I . T H E O R IG I N S O F C O N SE RVAT I V E L I B E R A L I SM
A N D O R D O - L I B E R A L I SM
1. Ordo-Liberalism in Comparative and Historical Perspective 19

2. Conservative Liberalism and Ordo-Liberalism: From Child to
Midwife of Crisis in Capitalism and Democracy 45
3. Conservative Liberalism as a Disciplinary Revolution 77
I I . PAT R O N S A I N T S O F C O N SE RVAT I V E
L I B E R A L I SM A N D O R D O - L I B E R A L I SM
4. Ordo-Liberalism as Tradition, Ideology, and Model of

Citizenship: Memorializing, Reinventing, Forgetting 99
5. Patron Saints: (1) The European Tradition of Aristocratic
Liberalism129
6. Patron Saints: (2) Continental European Ethical Philosophy 162
7. Patron Saints: (3) Theological Foundations of Ordo and
Religious Traces 210
I I I . T H E SIG N I F IC A N C E O F C O N SE RVAT I V E
L I B E R A L I SM A N D O R D O - L I B E R A L I SM
8. Just a Germanic Tradition? The Cross-National Significance of

Conservative Liberalism 241
9. Conservative Liberalism in American and British
Political Economy 266
10. Conservative Liberalism in French and Italian Political Economy 308
xxii Contents
11. How Ordo-Liberal Is Germany? Ordo-Liberalism in Post-War

National Unifying Mythology 350
12. The Historical Significance and Contemporary Relevance of
Conservative Liberalism and Ordo-Liberalism: A Hollow Promise? 410
References 451
Name Index 501
Subject Index 519
Dramatis Personae
This list is confined to intellectuals, officials, journalists, and politicians who

figure prominently in the text and focuses on details of their careers that relate to
conservative liberalism and Ordo-liberalism. It includes prominent theorists and
practitioners, as well as individuals from related traditions who influenced them
and/or with whom they interacted closely.
Historians and Philosophers
Acton, Lord John (1834–1902): British Whig historian, later professor at Cambridge
University; born into English Catholic family; multi-lingual; studied in Munich and Paris;
friend of William Gladstone; influence on Hayek, Röpke, and Simons.
Bachelard, Gaston (1884–1962): French historian and philosopher of science; professor at

Dijon University, 1930–40 and at the Sorbonne, 1940–54; developed a constructivist epis-
temology of the natural sciences; influence on Rueff.
Benda, Julien (1867–1956): French philosopher, commentator, and novelist; son of

wealthy industrial family; exile in Carcassonne in the Second World War; neo-Kantian;
famous for his fierce criticism of contemporary intellectuals, including Bergson; influence
on Rougier.
Bergson, Henri (1859–1941): French philosopher; professor at the Collège de France,

1900–21; Nobel Prize for Literature, 1927; influence on Rueff, also on Charles de Gaulle.
Brentano, Franz (1838–1917): hugely influential Aristotelian scholar; a product of the

Austrian Catholic Scholastic tradition; developed ‘realist’ phenomenology; taught philoso
phy at Vienna University but left Austria in 1895; influence on Husserl and Menger.
Broglie, Louis de (1892–1987): Nobel Prize for Physics for work in quantum theory, 1929;
professor at the Sorbonne from 1928; elected to the French Academy, 1944; worked on
philosophy of science; influence on Rueff.
Brunschvicg, Léon (1869–1944): French Idealist philosopher, influenced by Kant; profes-

sor of philosophy at the Sorbonne, 1909–40; influence on Bachelard and Rueff.
Burckhardt, Jacob (1818–97): Swiss-German cultural historian from Basel; studied in

Berlin (with Leopold Ranke), Cologne, and Freiburg; professor of history at Basel
University, 1858–93; taught Friedrich Nietzsche; influence through both his books and
later published letters, notably on Böhm, Einaudi, Huch, and Röpke.
xxiv Dramatis Personae
Eucken, Rudolf (1846–1926): professor of philosophy at Basel University, 1871–4, and at

Jena University, 1874–1920; Nobel Prize for Literature, 1908; Idealist philosopher who
advocated ethical activism in the service of cultural renewal; a major public intellectual;
the Eucken Association (Euckenbund) propagated his ethical activism; influence on son
Walter Eucken, Scheler, and Veit; friend of Husserl.
Eucken-Erdsiek, Edith (1896–1985): married Walter Eucken in 1920; her interest in cul-
tural philosophy informed her work as editor of Die Tatwelt; after 1948 she wrote on
German history and contemporary economic and political problems.
Ferrero, Guglielmo (1871–1942): historian and student of law, literature, sociology, and
psychology; anti-fascist under house-arrest; left Italy in 1930 to become professor of his-
tory at Geneva University; international reputation especially in France and the United
States; influence on Röpke and Rougier.
Goethe, Johann Wolfgang (1749–1832): German intellectual celebrity in his lifetime;

fame as poet, novelist, and dramatist, and through his autobiography and correspondence;
official advisor to the duke of Weimar, 1776–86; friend of Schiller; influence on Walter
Eucken, Müller-Armack, Röpke, Rüstow, and Veit.
Hartmann, Nikolai (1882–1950): major Baltic-German philosopher; a critical realist with

a specialization in ontology and ethics; from 1919 to 1950 worked successively at Marburg,
Cologne, and Göttingen universities; close to Scheler; influenced Veit.
Huch, Ricarda (1864–1947): German poet, novelist, and cultural historian; studied his-
tory, philosophy, and philology at Zurich University; influenced by Burckhardt, Goethe,
and Martin Luther; first woman elected to the poetry section of the Prussian Academy of
the Arts, from which she resigned in 1933; honorary president of the First German Writers’
Congress in Berlin, 1947; called the First Lady of Germany by Thomas Mann; mother-in-
law of Böhm, with whose family she lived; influenced Freiburg Ordo-liberals through
Böhm and her close relations with the Eucken family.
Huizinga, Johan (1872–1945): Dutch cultural historian and critic; influenced by

Burckhardt; professor at Leiden University, 1915–42; strongly anti-fascist; persecuted by
the Nazis; influence on Einaudi and Röpke.
Husserl, Edmund (1859–1938): the principal founder of phenomenology; mathematics

student who was influenced by Brentano; taught at Halle University, 1886–1901, and at
Göttingen, 1901–16; professor at Freiburg University, 1916–28; as Jew persecuted by the
Nazis and died in Freiburg; influence on Walter Eucken and Scheler.
James, William (1842–1910): born into a wealthy and cultivated New York family; emi-
nent in both philosophy and psychology; taught philosophy at Harvard, 1881–1907. Close
in thinking to Bergson and influenced Lippmann and Knight.
Kant, Immanuel (1724–1804): German philosopher and founder of critical philosophy;

studied and taught at Königsberg University in East Prussia, becoming professor of logic
and metaphysics in 1770; his emphasis on ‘the moral law within’, his rigorous ethic of
respect for law, and his break with sensationalist empiricism had a profound influence on
Ordo-liberals, notably through Rudolf Eucken, Hartmann, and Scheler.
Dramatis Personae xxv
Le Bon, Gustav (1841–1931): polymath who worked in anthropology, psychology, and

sociology; controversial social critic during the French Third Republic; key work on col
lective psychology; influence on Rougier and many politicians, including Charles de Gaulle.
Moore, George (1873–1958): Cambridge ethical philosopher; Fellow of Trinity College,

1898–1904 and 1911–58; professor of philosophy, 1925–39; a central figure in the Cambridge
Apostles, who included Hawtrey and Keynes; famous for his Principia Ethica (1903); advocate
of ‘common-sense’ realism and a conservative form of rule-consequentialism, favouring fol-
lowing established rules in the face of uncertainty; influenced Hawtrey.
Ortega y Gasset, José (1883–1955): Spanish philosopher; studied in Germany, 1905–8;

influenced by Husserl and Scheler; professor of philosophy in Madrid, 1910; active con-
tributor to magazine Faro and newspaper El Sol; politically active in the 1920s to early
1930s; famous for his Revolt of the Masses; exile in 1936 with civil war; returned to Madrid
in 1948; influenced Rougier, Röpke, Rüstow, and Veit.
Russell, Bertrand (1872–1970): from English aristocratic family; eminent philosopher,

logician, social critic, and political activist; long association with Trinity College,
Cambridge; difficult relationship with Moore.
Santayana, George (1863–1952): historically minded Spanish philosopher, poet, novelist,

and cultural critic; opposed most modern philosophy, including American Pragmatism
and German Idealism; professor at Harvard University until 1912 when he returned to
Europe; influence of his views on realism and ethics on Lippmann and Russell.
Scheler, Max (1874–1928): influenced by Rudolf Eucken and Husserl; professor of philoso
phy at Cologne University, 1918–28; leading figure in the phenomenology movement and
in personalism; influenced Hauriou, Müller-Armack, and Veit.
Schiller, Friedrich (1759–1805): German poet, dramatist, and philosopher; professor at

Jena University, 1789–99; influenced by Kant; developed aestheticism as basis of humane
sociability; friend of Goethe; influence on Eucken, Huch, Röpke, Rüstow, and Veit.
Smith, Adam (1723–90): chair of logic, then of moral philosophy at Glasgow University,
from 1751; wrote on ethics, jurisprudence, and economics as part of the Scottish
Enlightenment; contacts with French economists; stress on rules of behaviour; influenced
Böhm, Mestmäcker, Knight, and Simons.
Tocqueville, Alexis de (1805–59): French aristocrat and historical sociologist; politically

active in the 1840s; author of influential books on democracy in the United States and on
the French ancien régime; influenced Acton, Hayek, Röpke, and Simons.
Academic Economists and Lawyers
Allais, Maurice (1911–2010): top French economist and first to win the Nobel Prize in
Economics; educated at the École Polytechnique; member of the corps of mining engineers;
participant in the Lippmann Colloquium and the first meeting of the Mont Pèlerin Society;
founder of the French Movement for a Free Society in 1959; close to Rougier and Rueff.
xxvi Dramatis Personae
Andreatta, Beniamino ‘Nino’ (1928–2007): studied law in Padua; senior economics figure
in the Italian Christian Democratic Party and advocate of the social market economy;
treasury minister, 1980–2; secretary of state, 1993–4; defence minister, 1996–8; professor
at various universities including Bologna; influenced Romano Prodi, prime minister of
Italy and president of the European Commission.
Barre, Raymond (1924–2007): French economist and politician; studied law, economics,
and politics; professor of economics, University of Paris and Sciences Po; head of private
office of Jeanneney, ministry of industry and trade, 1959–62; vice-president of the
European Commission, 1967–72; prime minister and finance minister, 1976–81; presiden-
tial candidate, 1988.
Bastiat, Frédéric (1801–50): French liberal economist; influenced by Jean-Baptiste Say

and Smith; influenced Austrian economics, notably Murray Rothbard and Salin.
Baudin, Louis (1887–1964): French law professor in Dijon (1923) and Paris (1937); mem-
ber of the Mont Pèlerin Society.
Beckerath, Erwin von (1889–1964): pupil of Schmoller; professor of economics at Cologne

University, 1924–37, and at Bonn University, 1937–57; chaired the Erwin von Beckerath
Study Group to prepare an economic and social policy programme for the post-war period,
1940–4; chair of the scientific advisory council of the federal economics ministry, 1948–64.
Bilger, François (1934–2010): thesis on German Ordo-liberalism in 1960, the key refer-
ence in the French language; professor of economics at Strasbourg University; member of
the Mont Pèlerin Society; influenced by Villey; influenced Foucault.
Böhm, Franz (1895–1977): father was education minister in Baden; mother-in-law was
Huch; studied law in Freiburg, 1919–22; an official dealing with cartel policy in the imper
ial economics ministry (Reichswirtschaftsministerium), 1925–32; lecturer in law at
Freiburg/Breisgau University, 1932–6; close collaborator of Walter Eucken and Grossmann-
Doerth; lecturer in Jena from 1936 and dismissed from post because of opposition to Nazi
policy towards Jews, 1938; professor of law at Frankfurt University, 1946–62, with a special
interest in competition policy; first chair of the federal economic advisory council, 1948;
Christian Democratic Union (CDU) member of the Bundestag, 1953–65; influenced by
Huch and by Smith; influenced Biedenkopf and Mestmäcker.
Böhm-Bawerk, Eugen von (1851–1914): influenced by Menger; close family friend of

Wieser; Austrian finance ministry official and finance minister on three occasions between
1895 and 1904, when he resigned over the failure to balance the budget; professor of eco-
nomics at Vienna University, 1904–14; ambassador to Germany, 1897; elevated to the
upper house, 1899; influenced Mises and Hayek.
Brandeis, Louis (1856–1941): hugely influential Harvard-trained lawyer, legal and social
reformer, and Supreme Court Justice (1916–39); associated with the US Progressive move-
ment and opposition to monopoly power, big corporations, and mass consumerism; key
role in anti-trust cases and in creation of the US Federal Reserve System and Federal Trade
Commission.
Dramatis Personae xxvii
Bresciani-Turroni, Costantino (1882–1963): studied law and economics in Padua and

economics in Berlin; influenced by Loria; took close interest in the German economy,
especially hyper-inflation; international reputation in monetary policy, international eco-
nomics, and statistics; taught at Padua, Palermo, and Genoa universities, then political
economy in Bologna and in Milan (1926–57); following opposition to fascism, took post in
Cairo, 1927–40; served various official and unofficial roles in post-war Italian reconstruc-
tion, including president of the Bank of Rome and briefly in 1953 minister for foreign
trade; his work received strong endorsement from Einaudi.
Briefs, Götz (1889–1974): Roman Catholic social theorist and economist; studied in
Munich, Bonn, and Freiburg; professor for economic and social policy at Freiburg
University, 1919–26, then at the Technische Hochschule Berlin; Walter Eucken was his suc-
cessor in Freiburg; member of the Königswinter Circle which helped prepare the Papal
Encyclical Quadragesimo Anno (1931); emigrated to the USA in 1934; worked for the rec-
onciliation of Ordo-liberalism and Catholic social teaching; close to Röpke and Rüstow.
Brunner, Karl (1916–89): Swiss economist; close to Allan Meltzer and to Friedman and the
Chicago tradition of monetarism; studied at Zurich University and the LSE; professor of
economics at Rochester University, Ohio State University, and Konstanz University;
founder of the Konstanz seminar on monetary theory and monetary policy in 1970,
attended by Schlesinger of the Bundesbank; close collaborator of Neumann in disseminat
ing the idea of rule-based, long-term-oriented monetary policy in Germany and more
widely in Europe.
Buchanan, James (1919–2013): influenced by Knight and by Simons at Chicago University;

professor at Virginia University and later Virginia Tech; developed ‘constitutional econom-
ics’ as well as working in public choice theory; Nobel Prize for Economics, 1986; member
of the Mont Pèlerin Society, its president 1984–6; influence on the Walter Eucken Institute
in Freiburg through Vanberg.
Cannan, Edward (1861–1931): British economist and historian of economic thought; pro-
fessor at the LSE, 1895–1926; influenced Hutt and Robbins.
Colson, Clément (1853–1939): studied at the École Polytechnique; example of French

‘engineer-economist’; lawyer and member of the Conseil d’État; professor of political
economy at the École Polytechnique, 1914–28; influence on Rueff.
Dietze, Constantin von (1891–1973): lawyer, economist, and theologian; active in

Lutheran Church; professor in Jena, 1927–33, and in Berlin, 1933–7; professor in Freiburg,
1937–61, where he was a close colleague of Walter Eucken and active in the Freiburg
Circle’s resistance to National Socialism; co-author with Eucken and Lampe of the memo-
randum of the Freiburg Bonhoeffer Circle on the economic and social order, 1942; arrested
by the Gestapo in 1944 after the July plot and tortured; rector of Freiburg University,
1946–9; member of the Mont Pèlerin Society.
Einaudi, Luigi (1874–1961): economics editor of the daily La Stampa newspaper following
his doctorate in 1895; involvement with the Corriere della Sera newspaper, 1900–25 and
1943–61; professor of finance at Turin University, 1902–48, and at the Bocconi University
xxviii Dramatis Personae
in Milan, 1920–5; withdrawal from various activities in 1925 in protest at fascist control;
influenced by Röpke in the 1940s.
Eucken, Walter (1891–1950): key founder of the Freiburg School with Böhm and von
Dietze; influenced by his father Rudolf Eucken, Husserl, and Martin Luther; active in the
Eucken Association and in its journal Die Tatwelt; studied in Kiel, Bonn, and Jena; worked
for the imperial federation of German industry (Reichsverband der Deutschen Industrie),
1921–4; professor of economics at Tübingen University, 1925–7, and at Freiburg, 1927–50;
linked to Freiburg Circles of resistance to Third Reich, like von Dietze; arrested and inter-
rogated; like Miksch, member of the scientific advisory council of the Bizonal Economics
Administration of Erhard, from 1947; the Walter Eucken Institute was established at
Freiburg University in 1954 as the ‘competence centre’ for ordo-economics and is located
in Eucken’s former home in Freiburg; influenced Gocht, Götz, Hensel, Höffner, Lutz, Maier,
Meyer, Miksch, Schlecht, and Welter.
Feld, Lars (1966–): studied economics at the University of Saarland and awarded doctorate
and habilitation at St Gallen University; professor at Marburg University, 2002–6, and at
Heidelberg University, 2006–10; director of the Walter Eucken Institute and professor at
Freiburg University, 2010–; member of the economic advisory council of the federal
finance ministry, 2003–; member of the council of economic advisors, 2011–; member of
the Kronberg Circle, 2008–; advocate of the Swiss model, notably the ‘debt brake’, citizen
sovereignty, and direct democracy.
Fikentscher, Wolfgang (1928–2015): student of Alfred Hueck; broad intellectual back-
ground in law and the humanities; chairs in Münster (1957–65), Tübingen (1965–71), and
Munich (1971–96); interest in legal anthropology, with frequent visits to the United States.
Forte, Francesco (1929–): studied law in Padua; holder of the Einaudi chair at Turin
University, 1961; Italian Socialist Party deputy, 1979–94; senator, minister of finance,
1982–3; influenced by Einaudi and Ezio Vanoni.
Friedman, Milton (1912–2006): studied economics at Chicago and Columbia universities;

member of the research staff of the National Bureau of Economic Research, 1937–81;
taught at Chicago University, 1946–76; member of the Mont Pèlerin Society; Nobel Prize
for Economics, 1976; Presidential Medal of Freedom, 1988; National Medal of
Science, 1988.
Gestrich, Hans (1895–1943): student, then journalist in Berlin; close to Walter Eucken and
Rüstow from this period; press officer at the Reichsbank where he opposed the deflationary
policy of the Brüning government and backed the ideas of Lautenbach; later economic
advisor to the Prussian State Bank; important work on monetary and especially credit policy.
Grossekettler, Heinz Georg (1939–2019): studied economics at Mainz University; profes-

sor of economics, Münster University, 1975–9; professor of economics, Mainz University,
1979; member of the scientific advisory council of the federal finance ministry, 1989–, and
its chair, 2003–.
Grossmann-Doerth, Hans (1894–1944): studied law; professor of law at Freiburg

University from 1933; close collaborator of Böhm and Walter Eucken, but broke with them
over his support for the National Socialist Party (NSDAP); died on the Eastern Front.
Dramatis Personae xxix
Haberler, Gottfried (1900–95): student of Mises in Vienna; professor at Harvard University

from 1936; criticized both Mises and Keynes on Great Depression—closer to Röpke on
this issue.
Hauriou, Maurice (1856–1929): professor of administrative science at Toulouse University,

1888–1926, and dean from 1906; founder of the prestigious Toulouse School of Law and
famous for his theory of the institution; influenced by Bergson, Scheler, positivism, and
Catholic Thomist thought; influenced Rueff.
Hawtrey, Ralph (1879–1974): studied mathematics at Cambridge, where he was close to

Russell; member of the Cambridge Apostles; honorary fellow of Trinity College,
Cambridge, 1959–74; like Hayek, a strong critic of Keynes; self-taught economist who
became president of the Royal Economic Society, 1946–8; key contribution on monetary
theory of the business cycle; shaping influence on the so-called ‘Treasury View’ of the
1920s; indirect influence on Simons; influenced by Moore and Irving Fisher.
Hayek, Friedrich von (1899–1992): studied at Vienna University where he was close to
Mises in the 1920s; professor of economics at the LSE from 1931, where he was close to
Robbins; co-founder of the Mont Pèlerin Society with Röpke, 1947; professor of economics
at Chicago University, 1950–62, and at Freiburg University, 1962–8; visiting professor at
Salzburg University, 1968–77; first president of the Mont Pèlerin Society, 1948–61; Nobel
Prize for Economics, 1974; influenced by Acton, Mises, Smith, and Tocqueville; influenced
Hoppmann and Vanberg.
Höffner, Joseph (1906–87): pupil of Walter Eucken; like Nell-Breuning, kept a critical
distance from Ordo-liberalism from the perspective of Catholic social teaching; professor of
Christian social sciences at Münster University, 1951–62; head of the social office in the
central committee of German Catholics; bishop of Münster, 1962–9; archbishop of Cologne,
1969–87; appointed cardinal, 1969; chair of the German bishops’ conference, 1976–87.
Hoppmann, Ernst (1923–2007): successor of Hayek in Freiburg, 1968–89; influenced by

Hayek, he developed Freiburg thinking on the market as a spontaneous economic order
and on ‘workable’ competition; winner of the Hayek Medal, 1999.
Hutt, William (1899–1988): studied at the LSE; influenced by Cannan; professor at the
University of Cape Town from 1930; coined the concept of consumer sovereignty; moved
closer to Mises and the Austrian School; staunch opponent of trade-union power.
Issing, Otmar (1936–): studied economics at Würzburg University; professor of econom-

ics at Würzburg University, 1973–90; member of the Council of Economic Advisors,
1988–90; president of the Centre for Financial Studies, Frankfurt University, 2006–; mem-
ber of the Walter Eucken Institute.
Janssen, Albert-Edouard (1883–1966): studied law in Louvain; worked in monetary the-

ory and banking; director of the National Bank of Belgium, 1919–25; career as banker;
minister of finance, 1925–6, 1938, and 1952–4; member of the Christian Social Party;
influenced van Zeeland.
Keynes, John Maynard (1883–1946): Fellow of King’s College, Cambridge; member of the
Cambridge Apostles like Hawtrey and initially influenced by Moore; active at the Versailles
Peace Conference, 1919; the leading British negotiator at Bretton Woods, 1944; generally
xxx Dramatis Personae
recognized as one of the most brilliant minds of his generation; huge influence reflected in
many variants of ‘Keynesianism’ and including John Hicks, Paul Samuelson, Franco
Modigliani, James Solow, Paul Krugman, and Joseph Stiglitz; criticized by Einaudi,
Hawtrey, Hayek, Hutt, Mises, Robbins, Röpke, and Rueff.
Knight, Frank (1885–1972): educated at Cornell University; key founding figure of the old
Chicago tradition; interests in history of economic thought, ethics and economics, reli-
gion, and the economic order; influenced Simons, Friedman, and Buchanan; co-founder
and vice-president of the Mont Pèlerin Society.
Le Play, Frédéric (1806–82): French engineer, sociologist, and economist; product of the
École Polytechnique and the École des Mines; influenced Einaudi, Röpke, and Rueff.
Liefmann-Keil, Elisabeth (1908–75): niece of Robert Liefmann, economics professor at

Freiburg University; studied economics in Freiburg under Adolf Lampe; supported by
Walter Eucken during Nazi persecution of the Jews; member of the scientific advisory
council of the federal economics ministry from 1948; the first woman to be appointed a
full professor in economics in Germany, at Saarbrücken University (when Giersch was
there); important work on Ordo-liberal social policy; influenced Schlecht.
Loria, Achille (1857–1943): Italian lawyer and economist who taught in Padua and then in
Turin; interest in German historical economics and Marxism; prolific and controversial
economist; sharp critic of scale and damage of unproductive capital; influenced
Bresciani-Turroni.
Lutz, Friedrich (1901–75): student of Walter Eucken in Tübingen and later in Freiburg; left
for the United States in 1937; taught at Princeton University, 1938–53 (from 1947 as full
professor); professor at Zurich University, 1953–72; one of the founders with Maier of the
Walter Eucken Institute in Freiburg; president of the Mont Pèlerin Society, 1964–7 and
1968–70; influenced Paul Volcker, later chair of the US Federal Reserve.
Machlup, Fritz (1902–83): studied in Vienna where he was influenced by Mises and
Wieser; emigrated to the USA in 1933; professor at John Hopkins University, 1947–59,
Princeton University, 1960–83, and New York University, 1971–83.
Maier, Karl Friedrich (1905–93): student of Walter Eucken; remained in Freiburg and a
key figure in founding the Walter Eucken Institute.
Menger, Carl (1840–1921): influenced by Brentano; founder of the Austrian tradition of

economics and staunch critic of the German historical tradition; studied law; began as
financial journalist; professor of economic theory, 1873–8, and of political economy,
1878–1903, at Vienna University; tutor and advisor to Archduke Rudolf von Hapsburg,
1876–89; influenced Böhm-Bawerk, Wieser, Mises, and Hayek.
Mestmäcker, Ernst-Joachim (1926–): student of Böhm in Frankfurt; professor of law in

Saarbrücken, 1959–63, Münster, 1963–9, Bielefeld, 1969–78, and Hamburg, 1980–; mem-
ber of the scientific advisory council of the federal economics ministry, 1960–2006; special
advisor of the European Commission on competition law, 1960–70; chair of the German
monopoly commission, 1973–6; influenced Möschel and a whole generation of academic
lawyers.
Dramatis Personae xxxi
Meyer, Fritz Walter (1907–80): student of Walter Eucken in Freiburg; researcher at the
Institute for the World Economy in Kiel; joined the National Socialist Party in 1933; pro-
fessor of economics at Bonn University, 1949–73; member of the scientific advisory coun-
cil of the federal economics ministry, 1950–80; member of the Council of Economic
Advisors, 1964–6; member of the Mont Pèlerin Society from 1951; colleague of Beckerath
and Müller-Armack.
Miksch, Leonhard (1901–50): pupil of Walter Eucken; economics journalist at the

Frankfurter Zeitung, 1929–43; head of department at the Economic Administration in
Frankfurt, 1947–9; professor of economics at Freiburg University, 1949–50.
Mises, Ludwig von (1881–1973): studied law in Vienna; influenced by Menger and Böhm-
Bawerk; chief economist of the Austrian Chamber of Commerce; his private seminars in
the 1920s were attended by Haberler, Hayek, and Machlup; co-founded the Austrian
Institute for Trade Cycle Research; economic advisor to the Austrian chancellor Dollfuss;
emigrated in 1934 to Switzerland, then in 1940 to the USA; visiting professor at New York
University, 1945–69; founder member of the Mont Pèlerin Society.
Monti, Mario (1943–): studied economics at the Bocconi University and Yale; professor at
Turin University, 1970–85; later rector and president of the Bocconi; European
Commissioner, 1995–2004; prime minister of Italy, 2011–13; influenced by Einaudi.
Möschel, Wernhard (1941–): student of Mestmäcker at Münster and Bielefeld universities;

professor of law at Tübingen University, 1973–2009; member of the Kronberg Circle,
1984–2012; member of the scientific advisory council of the federal economics ministry,
1987–, and its chair, 2000–4; member of the German monopoly commission, 1989–2000,
and its chair, 1998–2000.
Müller-Armack, Alfred (1901–78): assistant lecturer and professor at Cologne University,

1926–38; professor of political economy and cultural sociology and director of the Institute
for Economics and Social Sciences at Münster University, 1939–50; professor of economics
at Cologne University, 1950–69; chair of the Konrad Adenauer Foundation, 1964–8; chair
of the Ludwig Erhard Foundation, 1977–8.
Nell-Breuning, Oswald von (1890–1991): like Höffner, took a critical and conditional view
of Ordo-liberalism from the perspective of Catholic moral theology and social teaching;
closer than Briefs to the German Social Democratic Party (SPD) and the trade unions;
entered Jesuit order, 1911; studied theology in Berlin and Innsbruck; follower of solidar-
ism; professor of moral theology and social sciences at the College of Philosophy and
Theology at Sankt Georgen in Frankfurt, 1928–37, 1947–85; worked on the Papal
Encyclical Quadragesimo Anno, 1930–1; prosecuted by the Nazis, 1943; member of the
scientific advisory council of the federal economics ministry, 1949–65, and various other
ministerial advisory councils.
Neumann, J. Manfred (1940–2016): influenced by Brunner; worked for a time at the

Bundesbank with Schlesinger; professor at Bonn University, 1981–2006; executive director
of the Institute for International Economic Policy; chair of the scientific advisory council
of the federal economics ministry, 1996–2000; member of the Kronberg Circle, 1992–2011;
one of his students was Weidmann.
xxxii Dramatis Personae
Peacock, Alan (1922–2014): graduated in economics and political science, St Andrews

University; lecturer in economics at the LSE, 1948; professor of economics, Edinburgh
University, 1956; professor of economics, York University, 1961; closely associated with the
Institute of Economic Affairs; chief economic advisor at the Department of Trade and
Industry, 1973–6; professor of economics, independent university of Buckingham, 1978,
then its principal; served on various committees of enquiry, notably in cultural policy.
Robbins, Lionel (1898–1984): active interest in continental European economics, espe-

cially Austrian tradition of Böhm-Bawerk and Wieser; professor of economics at the LSE,
1929–61; influential in appointment of Hayek to the LSE and active supporter of his views
in early 1930s against Keynes; worked for war cabinet in Second World War; present at
Bretton Woods.
Röpke, Wilhelm (1899–1966): professor of economics at Jena University, 1924–8, then

Germany’s youngest professor; professor at Marburg University, 1929–33; member of the
Brauns Commission, 1931; worked closely with Lautenbach; dismissed from Marburg and
emigrated to Istanbul, 1933–7; taught at the Institut des Hautes Études Internationales in
Geneva, 1937–66; key figure in foundation of the Mont Pèlerin Society—its president,
1960–1, after which he resigned; influenced by Acton, Burckhardt, Goethe, Le Play, and
Ortega y Gasset; influenced Bretscher, Einaudi, Veit, and Willgerodt.
Rougier, Louis (1889–1982): French philosopher; taught at Besançon University, 1925–48;

post in Geneva, 1935–7; organizer of the Walter Lippmann Colloquium in Paris, August
1938, and subsequently founder of the Centre international d’études pour la rénovation du
libéralisme; his career was deeply affected by his involvement with the Vichy Regime during
the Second World War and his continuing defence of Marshal Pétain; eventually admitted
to the Mont Pèlerin Society in 1957; influenced by Benda and Rueff.
Rueff, Jacques (1896–1978): French economist, financial expert, and official; studied at the
École Polytechnique under Colson; lecturer in statistics and mathematical economics at
the University of Paris, 1922; professor of political economy at the École Libre des Sciences
Politiques, 1931; present at the Lippmann Colloquium in Paris, 1938; member of the Mont
Pèlerin Society; elected to the French Academy, 1964; influenced by Bachelard, Bergson,
Broglie, Brunschvicg, Colson, Hauriou, and Le Play.
Rüstow, Alexander (1885–1963): an official in the imperial economics ministry, 1918–24;

head of economic policy division of the German machine tools association; speech on
‘Free Economy—Strong State’ to the Association for Social Policy (Verein für Socialpolitik)
in Dresden, 1932; emigrated to Turkey, 1933; professor at Istanbul University, where he
was close to Röpke; professor of economics and social sciences at Heidelberg University,
1950–6; chair of the Action Group for the Social Market Economy (Aktionsgemeinschaft
Soziale Marktwirtschaft); member of the Mont Pèlerin Society, and resigned after Röpke;
influenced by Goethe.
Salin, Edgar (1892–1974): follower of Schmoller and the historical tradition; pursued
economic history and history of ideas; student of Alfred Weber; professor of economics,
Heidelberg University, 1924–7, then at Basel University, 1927–62; co-founder of the
List Society in 1925 and again in 1954; participant in the List Society Bad Pyrmont
Dramatis Personae xxxiii
conference, 1928, and the List Society Lautenbach conference, 1931; critic of Röpke and
Ordo-liberalism.
Salin, Pascal (1939–): economics professor at the University of Paris Dauphine, 1970–2009;
director of the Jean-Baptiste Say Centre for Research in Economic Theory; president of the
Mont Pèlerin Society, 1994–6; influenced by the Austrian tradition of Mises and Hayek
and by Bastiat.
Savona, Paolo (1936–): Italian economics professor; studied at MIT and worked in the
Banca d’Italia where he was close to Carli; in 2018 rejected by Italian president Sergio
Mattarella as minister of economics and appointed minister of European affairs in the Five
Star/League government; critic of the euro.
Schmölders, Günter (1903–91): studied financial economics in Berlin; joined National

Socialist Party, 1933, but distanced himself; professor at Breslau University, 1934; professor
at Cologne University, 1940–71; president of the Mont Pèlerin Society, 1968–70; founder
of the Cologne School of Financial Economics.
Schmoller, Gustav (1838–1917): central figure in the German historical tradition; critic of
the Austrian tradition represented by Menger; social reformer; professor at the Humboldt
University Berlin, 1882–1913; founder and long-serving chair of the Verein für Socialpolitik.
Simons, Henry (1899–1946): student of Knight; worked on banking, monetary policy, and
anti-trust policy; first professor of economics in the Chicago University law school; influ-
enced Buchanan and indirectly Walter Eucken.
Sinn, Hans-Werner (1948–): professor of economics and public finance at the University
of Munich, 1984–; president of the Ifo Institute for Economic Research in Munich, 1999–;
head of the Verein für Socialpolitik, 1997–2000.
Sombart, Werner (1863–1941): student of Schmoller and Adolph Wagner in Berlin, the
leading scholars of the German Historical School; professor at the Humboldt University of
Berlin, succeeding Wagner, 1917.
Vanberg, Viktor (1943–): studied sociology in Münster; worked at George Mason

University, 1985–95; professor of economic policy at Freiburg University, 1995–2009; head
of the Walter Eucken Institute, 2001–10; influenced by Buchanan and Hayek; imported the
idea of ‘constitutional economics’ into the Freiburg School; Hayek Medal, 2010.
Van Zeeland, Paul (1893–1973): studied law, philosophy, and economics in Louvain; men-
tored by Janssen; studied economics in Princeton; first head of the economics service of the
National Bank of Belgium, and deputy governor in 1934; prime minister, 1935–7; foreign
minister, 1949–54; member of the Christian Social Party.
Veit, Otto (1898–1984): studied economics and philosophy at Frankfurt University;

worked in financial journalism and banking; close to the Freiburg School; president of the
state central bank of Hesse,1947–52 and a member of the council of the Bank deutscher
Länder,1948–52; professor of economics at Frankfurt University, 1952–69, specializing in
monetary and banking policies; member of the Mont Pèlerin Society; influenced by
Goethe, Hartmann, Ortega y Gasset, and Röpke.
xxxiv Dramatis Personae
Villey, Daniel (1910–68): French liberal economist; professor of economics in universities

of Caen, Poitiers, and from 1956 Paris; member of the Mont Pèlerin Society—its president
1967–8; corresponded with Röpke on Catholic social teaching and the market economy;
influenced Bilger.
Viner, Jakob (1892–1970): Canadian economist and, along with Knight and Simons, a key
founder of the old Chicago tradition; professor of economics at Chicago, 1916–17 and
1919–46, and at Princeton, 1946–60; advisor to Henry Morgenthau as treasury secretary in
the Roosevelt Administration.
Watrin, Christian (1930–): assistant of Müller-Armack in Cologne; professor of econom-

ics in Cologne, 1965–95; director of the Institute for Economic Policy in Cologne; presi-
dent of the Mont Pèlerin Society, 2000–2; colleague of Willgerodt.
Wieser, Friedrich von (1851–1926): influenced by Menger and Böhm-Bawerk; Menger’s

successor at Vienna University, 1903; Austrian minister of commerce, 1917–18; influenced
Mises and Hayek.
Willgerodt, Hans (1924–2012): influenced by his uncle, Röpke; assistant of Meyer in Bonn;
succeeded Müller-Armack in Cologne, 1963–90, where he was a colleague of Watrin; dir
ector of the Institute for Economic Policy in Cologne; member of the Kronberg Circle,
1982–90; closely involved with the ORDO Yearbook (Jahrbuch).
Officials
Carli, Guido (1914–93): studied law in Padua; influenced by Einaudi; present at Bretton
Woods, 1944; joined Italian Liberal Party (PLI), later the Christian Democrats; banking
career; governor of the Bank of Italy, 1960–75; treasury minister, 1989–92, during negoti
ation of the Maastricht Treaty.
Emminger, Otmar (1911–86): studied law and economics, 1928–33; university assistant in
economics and researcher on counter-cyclical policy in Berlin, 1934–9; official in Bavarian
economics ministry, 1947–9, becoming division head and head of the minister’s office;
head of the economics div ision of the German permanent representation to the
Organization for European Economic Cooperation (OEEC) in Paris, 1949–50; Bank
deutscher Länder, 1950–7; head of its economics and statistical division, 1951–3, and
member of the directorate, 1953–7; member of the directorate and of the central bank
council of the Bundesbank, from 1957, specializing in international affairs; German repre-
sentative in the economic policy committee of the Organisation for Economic
Co-operation and Development (OECD), 1969–76; vice-president of the Bundesbank,
1970–7; president of the Bundesbank, 1977–9.
Gocht, Rolf (1913–2008): student of Walter Eucken in the 1930s; employee of the Baden
ministry of economics, 1946–9; official in the economic policy division of the federal eco-
nomics ministry, 1951–67, sub-division head, 1959–63, and its head from 1963; director of
the Bundesbank, 1967–75.
Dramatis Personae xxxv
Hawtrey, Ralph (1879–1975): British Treasury official, 1904–45; from 1919, as director of
financial enquiries in the Treasury, its in-house economist; major role at the Genoa
Conference on European monetary reconstruction in 1922.
Issing, Otmar (1936–): chief economist of the German Bundesbank, 1990–8; chief econo
mist of the ECB, 1998–2006.
Larosière, Jacques de (1929–): 1958, entered French Trésor where he worked mostly on
international financial matters; 1974, head of private office of Valéry Giscard d’Estaing;
1974–8, director of the Trésor, working closely with Barre; 1978, managing director of the
International Monetary Fund; 1987, governor of the Banque de France; 1988–9, member
of the Delors committee on monetary union; 1993–8, president of the European Bank for
Reconstruction and Development; influenced by Barre and Rueff.
Lautenbach, Wilhelm (1891–1948): German official in the imperial economics ministry,

known for the Lautenbach Plan of September 1931 when close to Röpke; the so-called
‘German pre-Keynes Keynesian’.
Meyer-Cording, Ulrich (1911–98): lawyer and later professor of law at Cologne University;
official in the imperial justice ministry, 1939–45; federal justice ministry, 1950–6; head of
the Europe division in the federal economics ministry under Müller-Armack, 1958–64,
vice-president of the European Investment Bank, 1964–72.
Müller-Armack, Alfred (1901–78): head of the economic policy division of the German
federal economics ministry, 1952–8; state secretary for European affairs in the German
federal economics ministry, 1958–63.
Rueff, Jacques (1896–1978): member of the Inspectorate of Finance from 1923; served in the
cabinet of the prime minister Raymond Poincaré in 1926; member of the economic and
financial committee of the League of Nations in Geneva, 1927–30; financial attaché at the
French embassy in London, 1930–4; director in the finance ministry, 1934–9; vice-president
of the Banque de France, 1939–40 (dismissed in 1940); economic advisor to the French mili-
tary government in Germany, 1945–; European Court of Justice, 1958–62; key advisor to
president Charles de Gaulle; author of the Pinay-Rueff stabilization plan in 1958, including
currency reform, and instigator of the Armand-Rueff report on hindrances to economic
growth in 1960; severe critic of the Bretton Woods system; close friend of Couve de Murville.
Schlecht, Otto (1925–2003): studied economics in Freiburg under Walter Eucken, Miksch,
and Liefmann-Keil, 1947–52; official in the federal economics ministry, 1953–91; personal
assistant to state secretary Westrick, 1960–2; head of section in the economic policy div
ision and section in the Europe division, 1962–7; sub-division head, then head of the eco-
nomic policy division, 1967–73; state secretary, 1973–91; chair of the Ludwig Erhard
Foundation, 1991.
Schlesinger, Helmut (1924–): studied economics at Munich University; researcher at the

Ifo Economic Research Institute in Munich, 1949–52; joined the Bank deutscher Länder in
1952; director of economics and statistics in the Bundesbank, 1964–; member of the
Bundesbank executive board, 1972–9; vice-president of the Bundesbank, 1980–91; presi-
dent of the Bundesbank, 1991–3; regular participant in the Konstanz seminar of Brunner.
xxxvi Dramatis Personae
Schöllhorn, Johann Baptist (1922–2009): economist; researcher at the Ifo Economic

Research Institute in Munich, 1952–5; official in the economic policy division of the fed-
eral economics ministry, 1956–66, state secretary of the federal economics ministry,
1967–72; president of the state central bank of Schleswig Holstein, 1973–89; member of
the administrative council of the Bank for International Settlements (BIS), 1976–89.
Stark, Jürgen (1948–): studied economics at Hohenheim and Tübingen universities; began
career in federal economics ministry; official in the economic policy division of the federal
chancellor’s office, 1988–92; official in the federal finance ministry, 1992–8, and its state
secretary, 1995–8, when he negotiated the Stability and Growth Pact; vice-president of the
Bundesbank, 1998–2006; member of the executive board of the ECB responsible for eco-
nomics and for monetary analysis, 2006–11; resigned from ECB, 2011; honorary professor
at Tübingen University.
Tietmeyer, Hans (1931–2018): studied theology at Münster University under Höffner,
then economics at Cologne University under Müller-Armack; official in the economic pol-
icy division from 1962 and then in the European division of the German federal econom-
ics ministry; state secretary in the federal finance ministry, 1982–9; vice-president of the
Bundesbank, 1990–3; president of the Bundesbank, 1993–9, during preparations for
launch of the euro.
Vocke, Wilhelm (1886–1973): member of the directorate of the Reichsbank, 1919–39;

from 1930 deputy of the president of the Reichsbank in the BIS; president of the Bank
deutscher Länder, 1948–57.
Weber, Axel (1957–): studied economics at Giessen and Konstanz universities, specializing
in monetary economics; professor of economic theory at Bonn University, 1994–8, of
applied monetary economics at Frankfurt University, 1998–2001, and of international eco-
nomics at Cologne University, 2001–4; member of the Council of Economic Advisers,
2002–4; president of the Bundesbank, 2004–11; visiting professor at Chicago University;
chair of the board of UBS, 2011–.
Weidmann, Jens (1968–): studied economics at Bonn University and in France; student of
Franz Neumann; general secretary of the Council of Economic Advisers, 1999–2003; head
of the economic policy division in the Bundesbank, 2003–6; head of the economic policy
division in the federal chancellor’s office, 2006–11; president of the Bundesbank, with
responsibility for economics and research, 2011–; awarded the Walter Eucken Medal, 2020.
Journalists
Barbier, Hans (1937–2017): student of Giersch; head of the economics department of the
Frankfurter Allgemeine Zeitung, 1986–2002; Ludwig Erhard Prize for economic journal-
ism, 1989; journalist prize of the Friedrich Hayek Foundation, 2001.
Bretscher, Willy (1897–1992): studied public and international law in Zurich; journalist at
the Neue Zürcher Zeitung from 1917, Berlin correspondent 1925–9, and its chief editor,
Dramatis Personae xxxvii
1933–67; politically active in the Freisinnig-Demokratische Partei, which had an Ordo-

liberal agenda; close to Röpke.
Fabra, Paul (1927–): studied law; began journalistic career in 1953, principally at La Vie
française; financial editor of Le Monde, 1961–93, and at Les Echos, 1993–2009; great
admirer of, and close to, Rueff; awarded the Jacques Rueff Prize in 1979.
Götz, Hans Herbert (1921–99): student of Walter Eucken; economic journalist at

Frankfurter Allgemeine Zeitung, 1949–, and its leading expert on the Freiburg School and
the European Economic Community (EEC); protégé of Welter but took much more posi-
tive view of the EEC; Ludwig Erhard Prize for economic journalism, 1980.
Hapgood, Norman (1868–1937): studied law at Harvard University; influential editor of

Harper’s Weekly, 1913–16; close friend of Brandeis and committed publicist of his anti-
trust campaign and his legal and social philosophy; also close to US president
Woodrow Wilson.
Lippmann, Walter (1889–1974): American public intellectual, journalist, and political

commentator; twice winner of the Pulitzer Prize; studied at Harvard University (languages
and philosophy); assistant of Santayana; in early years as journalist close to Brandeis; co-
founder of The New Republic, 1913; informal advisor to several US presidents; influence
through the Lippmann Colloquium in Paris, organized by Rougier in 1938.
Miksch, Leonhard (1901–50): economic journalist with the Frankfurter Zeitung, 1928–43,
under Welter; contributor to Die Wirtschaftskurve during this period.
Welter, Erich (1900–82): studied law and political economy in Berlin; then student of
Wilhelm Gerloff in Frankfurt; worked in economics department of the Frankfurter
Zeitung, 1921–33, becoming its head in 1927, and again in 1935–43, as well as economics
professor at Frankfurt University, 1944; main feature writer for Die Wirtschaftskurve,
1936–44; professor of economics at Mainz University, 1948–63; main co-founder of the
Frankfurter Allgemeine Zeitung in 1949, and editor of its economics department, 1949–80;
admirer and strong promoter of the ideas of Walter Eucken; supporter of Erhard; Ludwig
Erhard Medal for services to the social market economy, 1978.
Politicians
Biedenkopf, Kurt (1930–): general secretary of the Christian Democratic Union (CDU),
1973–7, when he was for a period very close to Helmut Kohl; CDU member of Bundestag,
1976–80; expert advisor to CDU on co-determination in industry; prime minister of
Saxony, 1990–2002; studied law in Munich and then law and economics in Frankfurt
alongside Fikentscher and Mestmäcker; professor, then rector, at Bochum University,
1964–9; influenced by Böhm.
Couve de Murville, Maurice (1907–99): entered Inspectorate of Finance, 1930; protégé

and close friend of Rueff; financial official in the Vichy regime, 1940–; French ambassador,
including in Bonn and in Washington, 1950–8; foreign minister under de Gaulle, 1958–68,
xxxviii Dramatis Personae
and prime minister, 1968–9; supporter of the Rueff reforms in 1958–60 and opponent of
the Bretton Woods system.
Einaudi, Luigi (1874–1961): senator of the kingdom of Italy from 1919; voluntary exile to
Switzerland; governor of the Bank of Italy, 1945–8; minister of finance and deputy prime
minister, 1947–8; second Italian president, 1948–55.
Erhard, Ludwig (1899–1977): researcher and member of management team of the

Nuremberg Institute for Observation of German Finished Products, 1928–42; head of the
Institute, 1942–5; Bavarian minister of economics, 1945–6; honorary professor at Munich
University, 1947; chair of the special office for money and credit of the Anglo-American
Bi-Zonal Economic Council, 1947–8; director of the Economics Administration of the
Bi-Zonal Economic Council, 1948–9; German federal economics minister, 1949–63, and
from 1957 deputy federal chancellor; federal chancellor, 1963–6.
Giscard d’Estaing, Valéry (1926–): from important conservative liberal family; graduate
of ENA and inspector of finance; began political career in centre-Right party of Antoine
Pinay; minister of finance, 1962–6; founded the Independent Republican party, distinct
from Gaullists but part of presidential majority; minister of the economy, 1969–74; presi-
dent, 1974–81; close to Barre and Larosière.
Jeanneney, Jean-Marcel (1910–2010): economics professor in Dijon and Grenoble in the

1930s, and in Paris from 1970; industry minister, 1959–62, and social affairs minister,
1966–8; close to Barre and Rueff; member of the Pinay-Rueff committee on stabilization
in 1958.
Kamitz, Reinhard (1907–93): researcher at the Austrian Institute for Counter-Cyclical

Research, 1934–8; head of the economic section of the chamber of commerce, 1939–48;
professor of economics at the Hochschule für Welthandel in Vienna, 1944–5; head of the
economic policy department of the Austrian federal chamber of trade and commerce,
1948–52; Austrian finance minister, 1952–60; president of the Austrian National
Bank, 1960–8.
Pinay, Antoine (1891–1994): modest business background; a conservative liberal; prime

minister in 1952; close to Rueff; finance minister, 1958–60, at the time of the stabiliza-
tion plan.
Schiller, Karl (1911–94): studied economics in Kiel, Frankfurt, Berlin, and Hamburg;
worked for the Institut für Weltwirtschaft in Kiel, 1935–41; joined the SPD, 1946; professor
of economics at Hamburg University from 1947 (rector, 1956–8); member of the scientific
advisory council of the Economics Administration of the Bi-Zonal Economic Council,
1947–9, and of the federal economics ministry, 1949–; senator for economics in Hamburg,
1948–53; senator for economics in Berlin, 1961–5; member of the SPD executive commit-
tee, 1962–72, from 1966 of the presidium; federal economics minister, 1966–71; ‘super-
minister’ for economics and finance, 1971–2; resigned office and left the SPD in 1972;
re-joined the SPD, 1980.
Schmidt, Helmut (1918–2015): studied economics at Hamburg University under Schiller,

1945–9; worked in the Hamburg economics ministry, for a time as head of its economic
Dramatis Personae xxxix
policy division, 1949–53, again under Schiller; SPD member of the Bundestag, 1953–62;
Hamburg senator for interior affairs, 1961–5; member of the Bundestag, 1965–87; chair of
the SPD parliamentary party in the Bundestag, 1967–9; federal defence minister, 1969–72;
federal economics minister, 1972; federal finance minister, 1972–4; federal chancellor,
1974–82; co-editor of Die Zeit.
Sturzo, Don Luigi (1871–1959): Italian Catholic priest and anti-fascist politician who
founded the People’s Party in 1919; in exile, 1924–46; made senator for life in 1953 by
Einaudi.
Werner, Pierre (1913–2002): Luxembourg minister of finance (1959–64 and 1969–74),

minister for the treasury (1964–9 and 1979–84), and prime minister (1959–74 and
1979–84); chaired the Werner Committee on economic and monetary union, 1970: influ-
enced by Rueff, under whom he studied economics in 1936–8 in Paris.
Introduction
Everything begins as a mystique [founding ideal] and ends as a poli-

tique [political competition and manoeuvring] . . . The whole
point . . . is that in each order, in each system, THE MYSTIQUE
SHOULD NOT BE DEVOURED BY THE POLITIQUE TO WHICH
IT GAVE BIRTH.
Charles Péguy, ‘La République: Mystique et Politique’,
Notre Jeunesse, 1910. Translated in A. Dru (1958),
Temporal and Eternal. London: Harvill Press
Charles Péguy (1873–1914), the legendary poet and philosopher, used the
contrast between mystique and politique to critique pre-1914 French republicanism.
His critique has a renewed relevance as, at the dawn of the twenty-first century,
we witness a heightened sense of the fragility and contingent character of
liberalism. Liberals were newly alert to the danger that liberalism could suc-
cumb to a gathering storm of challenges. Liberalism was confronted with
adverse geo-strategic changes in a multi-polar world of more confident and
resourceful authoritarian leaders. It had to deal with deep structural changes
in society, politics, and the economy. The demographics of ageing populations,
changing gender relations, and new forms of family structure presented new
policy challenges. Mass higher education, the digital revolution, and the
expanding ‘knowledge economy’ threw up new bases of social division. The
new surveillance capacity of corporations and states was accompanied by the
capacity of expanding social media to polarize debate and spread fake news
and images.
More insidiously, liberalism faced a hollowing-out of its founding ideals by
manifestations of a crony capitalism, in which both democracy and the market
were being exploited by predatory elites who damaged competitors, customers,
and governments. They sought to insulate themselves from intense competition
in the markets in which they operated through market-rigging practices and
collusion with governments and regulators. Periodic financial crises exposed
dangerous practices of securitization, rigging of interest rates and foreign
exchange markets, abusive lending practices, mis-selling, money laundering, and
Conservative Liberalism, Ordo-Liberalism, and the State: Disciplining Democracy and the Market. Kenneth Dyson,
Oxford University Press (2021). © Kenneth Dyson.
DOI: 10.1093/oso/9780198854289.001.0001
2 Conservative Liberalism, Ordo-Liberalism, and the State
tax avoidance (Crouch 2011; Dyson 2014; Streeck 2013). There was the risk that
liberalism would succumb to the hubris, complacency, and misconceived choices
of those notionally committed to its defence. Péguy points to an ambiguity that
plagues liberalism in all its forms and that opens it to charges of hypocrisy.
The cocktail of challenges that confronted liberalism included the existential
threats to human and natural habitats from environmental degradation and cli-
mate change. The unexpected eruption of religious fundamentalism and terror-
ism; the demise of traditional industrial structures and communities; an
associated feeling of being ‘left behind’ and abandoned on the part of many less-
advantaged and less well-qualified people; and an emerging exclusionary identity
politics, promising to protect the ‘real’ people against various threats—migrants,
minorities, and treasonous elites: these developments engendered a deepening
sense of insecurity, which in turn offered opportunities for unscrupulous populist
‘strongmen’ to foment a politics of fear and hate, turning a resurgent nationalism
against liberalism.
Liberalism seemed to face a transformational crisis that echoed its previous
crisis in the aftermath of the First World War. There was a sense that, echoing
Péguy, politique was hollowing out—and potentially devouring—the mystique of
liberalism and that liberalism was once again in urgent need of renovation.
Against this background, this book examines an earlier interwar and post-war
attempt to renovate liberalism. Much has been written on the birth of social liber-
alism (e.g. Freeden 1986). The emphasis here is on how the interwar crisis gave
rise to a new conservative liberalism and on its most coherent and developed
form, Ordo-liberalism.
With the dawn of the new millennium, the symptoms of a crisis in liberalism
multiplied. National populist parties entered the mainstream. The independent
institutions—like the judiciary, law enforcement, intelligence agencies, and
media—on which liberalism depended were being questioned, even subverted.
The notion of a rule-based order was being challenged at the national and inter-
national levels. Opponents were being denigrated and marginalized or elimin
ated. Liberal elites were tempted to shift towards an agenda being set by the
far-Right in order to contain losses, thereby eroding liberalism from within
(Levitsky and Ziblatt 2018). According to Péguy, complacency, combined with
narrow-minded cunning, discredits all orders, whether religious or political,
authoritarian or liberal, or a variant of liberalism. This phenomenon applies to
laissez-faire liberalism, to social liberalism, and to conservative liberalism and
Ordo-liberalism.
This book leaves the reader to decide whether, and if so in what way, conserva-
tive liberalism and Ordo-liberalism can contribute to the debate about how best
to renew liberalism in its first historical crisis of the new millennium. Its main
purpose is to contextualize contemporary debate about the decline of liberalism
Introduction 3
by offering an historical perspective on how liberal theorists have in the past

sought to reframe debate about liberalism at times of profound crisis, and how
their efforts have fared in the realms of discourse, policy, and politics. It does so
by examining one important strand in the historical reframing of liberalism. The
book draws attention to conservative liberalism as a cross-national effort to renew
liberalism’s claim to offer a moral purpose, one that promises a more prosperous,
secure, and humane society, and a more worthwhile life, than its alternatives like
laissez-faire liberalism and social liberalism. The reader deserves one further
explanation. Given the comparative and historical scale of this book, some argu-
ments and events are repeated when there seems a positive benefit to be gained by
seeing them from a different angle. Also, in this way, the reader can be helped to
keep in mind connecting threads within a large text.
Ordo-Liberalism and Neo-Liberalism
In the late 1930s, the conservative liberals and Ordo-liberals tried to capture their
ambition to renovate liberalism in the term ‘neo-liberalism’ (see Louis Rougier at
the Lippmann Colloquium in Paris in August 1938, CWL 1939: 107). In a similar
vein, the German economist Alexander Rüstow (1950–7, Band 2, 1960b) dis-
missed what he contemptuously called the earlier ‘Palaeolithic liberalism’
(Paläoliberalismus) (Meier-Rust 1993: 69–70). In one of the ironies of intellectual
history, the term neo-liberalism later became dissociated from its meaning in the
minds of the founding conservative liberals, as expressed in August 1938 (see
Chapter 9: 302 and Chapter 10: 316–17). It began to be used to characterize a
free-wheeling, deregulated market economy and, perhaps more insidiously to its
opponents, the penetration and abuse of state power by the vested interests of
large corporations.
These meanings of neo-liberalism were at variance with what the French
economist Maurice Allais (1978) meant when he called for ‘the organized com-
petitive economy’ and with what Jacques Rueff (1958, 1979) termed the ‘institu-
tional market’. For them, market fundamentalism stood in contrast to the notion
of the impartial strong state, standing above and beyond special interests, and
championed by Rüstow (1963c/1932) and other German Ordo-liberals as the
basis of a sustainable liberal economic order. However, the term neo-liberalism
evolved in use to become a thorn in the side of conservative liberals who had
helped to give birth to it. Its use posed a deeper question: was the promise of
conservative liberalism and Ordo-liberalism a hollow one? Had the notion of the
strong, impartial state any foundation in the reality of human behaviour? Was it
possible to discipline either democracy or the market, given their perpetually
effervescent energy?
4 Conservative Liberalism, Ordo-Liberalism, and the State
Conservative Liberalism and Ordo-Liberalism

Through the Lens of History
History was vitally important to the founding conservative liberals and Ordo-
liberals. They had an acute sense of the openness and indeterminacy of history
and were accordingly dismissive of claims about the historical inevitability of lib-
eralism. Their view of history was close to that of the eminent German historian,
Golo Mann, who stressed that the complexity of circumstances and decisions
means that more than one possibility exists at any point in time. When examining
the significance of conservative liberalism and Ordo-liberalism, notably in
Chapters 8 and 12, it is wise to remember Mann’s aphorism:
In the history of mankind there is more that is spontaneous, wilful, unreasonable

and senseless than our conceit allows. (Mann 1961: 170, author’s translation)
The founding conservative liberals and Ordo-liberals would have little difficulty
in seeing that their significance remains historically contingent. For them, ideas
required constant cultivation if they were to thrive.
History has an additional value for the reader who wishes to understand this
variant of liberalism. It facilitates the achievement of a critical distance in report-
ing the nature and significance of conservative liberalism and Ordo-liberalism. It
helps in challenging myths that have grown up around them. The vantage point of
critical distance also assists in observing the various changes in the usage of terms
over time by different agents. It helps in identifying how conservative liberalism
and Ordo-liberalism have been employed as tools in ideological debate. It shows
that, in prioritizing the interests of savers and creditors, they inevitably become
infected with partisanship.
In addition to offering a way to rise above fractious voices, history’s other con-
tribution is to dig down deeper to uncover underlying cross-national patterns in
conservative-liberal thought. Identifying the guiding ideas of conservative liber-
alism is far from straightforward when thinkers are context-bound. Also, the
texts of the founding conservative liberals and Ordo-liberals and their conduct
often exhibit ambiguities and multiple meanings. These problems are com-
pounded as patterns evolve over time. Individual conservative liberals, and suc-
ceeding generations, acquire new knowledge and experience and fish across
intellectual boundaries. Some remain natives of the tradition. Others migrate in
often complex intellectual journeys across boundaries within liberalism and even
beyond. Moreover, thinkers may share the guiding ideas of conservative liberal-
ism and Ordo-liberalism without identifying themselves with the terms.
History provides an additional insight. It shows how conservative liberalism
and Ordo-liberalism are characterized by forgetting and by silence. Once-esteemed
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Title: Lauluja
Author: Antti Rytkönen
Release date: October 31, 2023 [eBook #71994]
Language: Finnish
Original publication: Helsinki: Vihtori Alava, 1900
Credits: Tapio Riikonen
*** START OF THE PROJECT GUTENBERG EBOOK LAULUJA ***

LAULUJA
Kirj.
Antti Rytkönen
Helsingissä, Jakaa Vihtori Alava, 1900.
SISÄLLYS:
Syvänteet.
Kuohuissa.
Meri ja taivas.
Takatalvessa.
Kesää odottaissa.
Hän..
Sinä ja minä.
Lehdossa.
Sorsa se Saimaan aalloissa sousi.
Valkojoutseneni.
Valkamani.
Lauluni.
Se lempi.
Eloni.
Levoton.
Kevättuulessa.
Kaipuuni.
Kuusen alla.
Talvilehto.
Valtameri.
Laulu talvelle.
Oli metsä vihreä.
Merelle lähtijä.
Luojalle.
Rauhassa.
Rannan kuusi.
Myrsky-yönä.
Merenneitojen laulu.
Meriltä palatessa.
Kevät-iltana.
Tähtöselleni.
Samponi.
Syystunnelma.
Keväinen koski.
Muistojen mailta.
Tyhjä sija.
Sairas soittaja.
Niin syvästi särki se äidin mieltä.
Turhaan.
Manan morsian.
Mari pikkunen piika.
Paimeritytön kevätlaulu.
Tuliluulialei.
Ikävissä.
Paimenpoika ja paimentyttö.
Paimenpojan laulu.
Koti lahteen soutaessa.
Mistä kyynel.
Leppäkerttu ja tuomenterttu.
Musta lintu, merikotka..
Järven jäällä.
Köyhän koti.
Heilini.
Kevätkylmissä.
Jäiden lähtö.
Kalevaisten karkelo.
Kevätmietteissä.
Ainon kaiho.
Kerran lemmin.
12-13.IV.1597.
Korven keskellä.
Kylänkarkelo.
Tarina Pekasta ja vallesmannista.
Pimeän pesä.
Voiton saatte.
Maamiehen kevätlaulu.
Tahdon ikitulta.
Syvänteet.
Syvänteihin katseleisin, mi lie siellä elo kumma?
Salaisuudetpa ne syvät kätkee multa meri tumma.
Syvänteistä myrskyt nostaa heleöitä helmilöitä. Selittäkää

helmet mulle rahtu syvänteiden öitä!
Sen vain kertoo helmet somat: syvänteet on pohjattomat.
Kuohuissa.
Raivoisana kuohuu meri,

tumma on sen pinta.
Kuohuu mullai sydänveri,
aaltoileepi rinta.
Lyöpi aalto louhikkohon,

kivirantaan aivan —
Sydän, kivihinkö kuohut? —
Tuoko maksaa vaivan?
Meri ja taivas.
Sua lemmin niinkuin voipi vaan

meri kuohuva lempiä taivastaan.
Sä oot niin korkeella, kaukana multa

kuin on meren kuohuista taivahan kulta.
Ja niin syvällä sentään rinnassain
kuin meren pohjassa taivas vain.
Takatalvessa.
Tuo katse armas ja kaunoinen mun mieleni vallan hurmas,

vaan kevätkylmät ja kolkot säät pian toivoni kukkaset surmas.
Vaan sydämmessäkin vaihtuva lie kevään sekä talven

valta. Siks toivon, että nousta vois kevät taas takatalven alta.
Kesää odottaissa.
Kyllä se kuluu talvikin

ja kyllä se joutuu kesä,
tulevana kesänä tällä pojalla
on jo oma pesä.
Talvella hakkaan honkia

ja hirsipuita kannan,
tulevana kesänä mökkini nousee
luona lammin rannan.
Toisella puolen lampi päilyy

ja toisella vihanta vuori,
ja mökissä on herttaisen kaunis kukka,
ja se on oma kultani nuori.
Hän.
Hän on niin puhdas, kaunoinen kuin koitto aamuruskon, tuo

onnen, rauhan sydämmeen, tuo toivon, uuden uskon.
Myös on hän tulta, hehkua kuin tähti öisen taivaan, tuo

surun, tuskan sydämmeen, tuo epätoivon aivan.
Sinä ja minä.
Sä ruusu olet armahin, päivä olet kirkkahin, tähti olet

loistavin.
Mä lapsi olen kylmän jään, mä laine olen tuulispään, mä

lintu olen myrskysään.
Lehdossa.
Lehdossa tässä kerran mä istuin immen kanssa, hän silloin

mulle kertoi hartaimmat unelmansa.
Lehdossa tässä nytkin mä istun yksin vallan. Vaan unelmat

ja toiveet — ne saaliita on hallan.
Sorsa se Saimaan aalloissa sousi.
Sorsa se Saimaan aalloissa sousi kaipasi, kaipasi

kullaistaan. Mihin lie joutunut, kuka sen ties, joko lie ampunut
metsämies?
Sorsa se Saimaan aalloissa sousi, kanteli kaihoa

sydämmessään, syys oli synkkä ja kulta ei tullut, vilu oli uida
joukossa jään.
Sorsa se Saimaan aalloissa sousi, kuikutti kurja yksinään.
Valkojoutseneni.
Pois lensi valkojoutsen,

lens ulapalle päin.
Miks veit sä valkojoutsen

myös levon syömmestäin?
Mun valkojoutseneni,
sä miksi lensit pois?
Jos löytäisin sun kerran,

oi, silloin riemu ois!
Valkamani.
Kun meri ärjyy, aaltoo ja tummana vaahtoaa, kun pilvinen
on taivas ja rinta ei rauhaa saa,
niin satamata tyyntä mä etsin harhaillen, ja luoksesi kun

pääsen, niin siellä löydän sen.
Kun nojaan rintahasi, meri kuohuva tyyntyy tää ja katsehes

päivän kirkas maan ääriä lämmittää.
Lauluni.
On lauluni kuin kukka tuo, ja lämmöstä se voimaa juo.
Vaan koleaks kun käypi sää, suruisna kukan painuu pää.
Se lempi.
Se lempi oli polttava kuin hehkuvainen tuli, ja kyllä kylmät,

kyllä jäät sen eessä kaikki suli.
Se lempi oli kuohuva kuin virta vaahtopäinen. Se lempi oli

unelma, unelma kevähäinen.
Eloni.
Haaksi aaltojen ajama, vene vetten vierittämä on mun
vaivaisen vaellus.
Niinkuin lastu lainehilla,

vastavirrassa venonen
on koko eloni juoksu.
Kumpi ennen kääntynevi: vene virran viertehessä vai virta

venon mukana?
Levoton.
Miksi lie mun mieleni niinkuin meren laine? Rauhatonna,

levoton na kulkee oikeaan ja harhaan, onnen tahtoisi se
parhaan. Väliin sinne, väliin tänne häilyy, horjuu, kiertää,
kaartaa, väliin hetken levon löytää, jälleen järkkyy, väliin
kallioihin töytää — pirstoiks särkyy…
Kevättuulessa.
Jo kevättuuli hengittää, vaan syys on syömmessän. Se iäks

liekö riutunut vai heränneeköhän?
Jos eloni ei elpyne, niin iäks riutukoon! Jos vielä herää,

herätköön se kevään taisteloon!
Kaipuuni.
Valoa, päivän paistetta mun mieleni kalpaa aina, jos

kirkasta en näe taivasta, niin talvi mun mieltäni painaa.
Valo ja päivän lämpö ne ovat henkeni elinehto, vaan nää

jos puuttuu, kuihdun pois kuin hallan koskema lehto.
Kuusen alla.
Alla kuusen useasti istuin iltamyöhään asti, kuusi kuiski

kumeasti: "Lapsi, lähdet maailmaan, outohon ja avaraan, tiesi
ulapoille saavat, ulapat on aavat, aavat, siellä laineet
lakkapäiset iskee purteen monet haavat Ulapoilla usva on,
usva katoamaton; armas päiv' ei usviin koita, helposti ei valo
voita." Kuusen kuiskiessa nuokkui rannan kukat rauhaisasti,
kuusen kuiskiessa huokui meren aallot raskahasti.
Talvilehto.
Tuo lehto, jossa me leikittiin, nyt tuiman on talven vanki, ja

lehdon nuortean kukkaset jää kattaa ja harmaja hanki.
Vaan vielä se kerran sulaa jää

ja nuortuu lehdot ja vuoret,
ja vielä ne kerran heräjää
ne kevään kukkaset nuoret
Ja vielä me kerran lehdossa taas leikimme, impeni, illoin, ja

vielä me nautimme lemmestä kevätaika on armas silloin.
Valtameri.
Katso, katso valtamerta!

Milloin siell' on tyyntä, rauhaa?
Eikö siellä ainiansa
aallot paasihin vain pauhaa.
Rintani on valtameri,
miksi rauhaa etsit sieltä,
miksi tyyntä, sointuisuutta
ulapan ja aallon tieltä?
Laulu talvelle.
Talvi, lunta valkeinta, valkeinta, puhtoisinta sada immen

poskuelle, hipiälle hienoiselle. Talven, taruin valtakunta laula,
laula immelleni, kerro kaunokutrilleni utuisinta lemmen unta.
Kerro kuinka alta hallan, alta kylmän jäiden vallan nousee
toivon kukkasia, utuisia, armahia… Näytä unia kesästä, kerro
omasta pesästä pienoisesta, sievoisesta, armaasta, ani
hyvästä.
Oli metsä vihreä…
Oli metsä vihreä, tuomessa kukka,

sitä ihaillen katselit impi rukka.
Sä ihailit kaunista kevätsäätä,

et muistanut kylmää, et muistanut jäätä.
Sä ihailit suuria Luojan töitä,

et muistanut harmaita hallaöitä.
Ja kuitenkin, ja kuitenkin
ne tuli ne keväiset kylmätkin.
Merelle lähtijä.
Läksi laiva uurtamaan meren tummaa pintaa, täytti kaiho,

kaipaus monta, monta rintaa — Eessä merta, merta vaan,
eessä pilvet harmaat, kotiranta kauvas jäi, sinne jäivät
armaat. Jäivät tuomet tuoksumaan, jäivät kuuset kukkimaan,
impi rantaan itkemään. Kotiranta kauvas jäi, sinne jäivät
armaat…
Luojalle.
Luoja, noita silmiä kyynelistä säästä, Luoja, tuohon rintahan

murheit' elä päästä.
Luoja, anna hänelle päivät paistehikkaat! Luoja, anna

hänelle elon riemut rikkaat!
Rauhassa.
Kun melske, myrsky raukenee, kaikk' uinuu rauhan unta,

niin silloin mulle aukenee viel' uusi valtakunta.
Nään silloin sinut luonani, nään silmäs ani armaat, ja on

kuin siirtäneet ne ois väliltä vuoret harmaat
Rannan kuusi.
Tääll' yksin seisot sorjana sä vihreä rannan kuusi; veden

alla toinen on maailma ja taivas siellä on uusi, sen
kauneuttako katsot sie, mihin miettehes silloin vie?
Kun laskeissaan kesäaurinko taas taivahan rantoja kultaa,

niin tunnetko silloin, tunnetko sä lämpöä, lemmentulta? Näät
kaikkialla sä rauhan maat, sopusointua, rauhaa kaiketi saat?
Vai tunnetko kaihon tuskaisan
ja muistatko myrskytuulet?
Kun aalto se löi raju rantahan,
sen kuohuja vieläkö kuulet?
Sun toivehes, aattehes myrskykö kaas,
nyt kaihoin niitäkö muistat taas?
Sä lienetkin mun kaltaisen, sä vihreä rannan kuusi; kun

katson pohjihin syvyyden, ja kun taivas siellä on uusi, niin
oloni munkin oudoks saa ja kaiho mieleni valloittaa.
Ja muistuu mieleeni myrskysää ja kohina tuiman tuulen ja

murhe mieleni yllättää ja ma kuohuja kaukaa kuulen. Ne
rintaani kaikuja kummia saa, meri helmahan yön kun
uinahtaa.
Myrsky-yönä.
käy ulkona tuuli tuima, yö on niin myrskyinen, ja hurjana

aalto huima vain kuohuvi rannallen.
Ja haaksi aaltoja halkoo,

ja kohti kuohuja käy,
ja se keinuvi niinkuin palko,
ei muuta kuin vaahtoa näy.
Vaan haahdessa suojassa yksin

minä kanssasi olla saan,
me istumme vieretyksin,
mut tuuli se ulvoo vaan.
Te käykää te vihurit tuulen,

nyt teitä mä pelkäjä en!
Vain rintasi lyönnit ma kuulen,
ja sa painut mun rinnallen.
Mua katsehes kaunis huumaa

sysimusta kuin syksyn yö,
ja mun rintani tulta on kuumaa
ja se rintaasi vasten lyö.
Ja tuuli tuima se soittaa kuin mahtavat myrskyt on poviss'

suurien valtamerten ja povessa inehmon.
***
Oi myrskyjä meren pinnan, oi valkovaahtoja sen! Oi

kuohuja ihmisrinnan, sen kaihojen, poltteiden!
Merenneitojen laulu.
Tääll' on riemut, rikkaudet, riistat, riittävät tavarat, tääll' on

Ahdin kultalinna, täällä aartehet avarat Täällä lientyy maiset
huolet, täällä suistuu surman nuolet, täällä elo ihanaa. Täällä
tyyntyy tuskat, vaivat, alla aallon uudet taivaat täällä sulle
aukeaa. Täällä merten aaltoloissa, Ahdin kultakartanoissa
rintaraukka rauhan saa. Tänne riennä inehmo, tääll' on sija
sulle jo!
Meriltä palatessa.
Saapuu laiva mereltä kohti kotirantaa; tuhat tulta merelle

sieltä valon kantaa; tuhat tulta tuikahtaa sieltä mua vastaan,
yhtä tulta kaipajan, yhtä ainoastaan: immen ikkunasta vaan
tuloset ei tuikakkaan.
Kevät-iltana.
On kevät-ilta ja kuuhut niin kummasti kumottaa, ja kaiho

outo ja kumma mun mieleni valtoaa.
Kevät-iltana kuljin ennen

kanss' armahan ystäväin
ja unia ihanoita
minä kultani kanssa näin.
Ja mieleni oli niin raitis

kuin rannan aaltonen,
kun kullat kuuhuen taivaan
utukalvossa uiskeli sen.
Kuin ilmojen utuiset pilvet

myös ulapan pohjilla ui,
niin sielusi hellä ja herkkä
mun sieluuni kuvastui.
Ja tuota kun muistan, silloin mun mieleni summeutuu, ja

mun rintani kaihon tuntee kevät-ilta ja illan kuu.

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Conservative Liberalism,

Ordo-liberalism, and the State:

Conservative Liberalism, Ordo-Liberalism,

Friedrich Schiller (2016/1795), On the Aesthetic

[Academic neutrality] leads only to the emasculation and disarma-

Wilhelm Röpke in a speech in Rome on 31 May 1952

The founding conservatives and Ordo-liberals are more properly understood

public life to entertainment. They regretted the destruction of virtue by cynical

protectionism. Böhm, Einaudi, Kamitz, Miksch, Müller-Armack, Rueff, Otto

correspondence with Erhard as German federal economics minister, mostly

In this way he sought to strengthen what he saw as Erhard’s precarious position in

National Socialist economic policy; his relations to the academic resistance in

I also received great help from Sebastian Dullien (European Council on

Dramatis Personae xxiii

1. Ordo-Liberalism in Comparative and Historical Perspective 19

4. Ordo-Liberalism as Tradition, Ideology, and Model of

8. Just a Germanic Tradition? The Cross-National Significance of

11. How Ordo-Liberal Is Germany? Ordo-Liberalism in Post-War

This list is confined to intellectuals, officials, journalists, and politicians who

Historians and Philosophers

Bachelard, Gaston (1884–1962): French historian and philosopher of science; professor at

Benda, Julien (1867–1956): French philosopher, commentator, and novelist; son of

Bergson, Henri (1859–1941): French philosopher; professor at the Collège de France,

Brentano, Franz (1838–1917): hugely influential Aristotelian scholar; a product of the

Brunschvicg, Léon (1869–1944): French Idealist philosopher, influenced by Kant; profes-

Burckhardt, Jacob (1818–97): Swiss-German cultural historian from Basel; studied in

xxiv Dramatis Personae

Eucken, Rudolf (1846–1926): professor of philosophy at Basel University, 1871–4, and at

Goethe, Johann Wolfgang (1749–1832): German intellectual celebrity in his lifetime;

Hartmann, Nikolai (1882–1950): major Baltic-German philosopher; a critical realist with

Huizinga, Johan (1872–1945): Dutch cultural historian and critic; influenced by

Husserl, Edmund (1859–1938): the principal founder of phenomenology; mathematics

Kant, Immanuel (1724–1804): German philosopher and founder of critical philosophy;

Dramatis Personae xxv

Le Bon, Gustav (1841–1931): polymath who worked in anthropology, psych­ology, and

Moore, George (1873–1958): Cambridge ethical philosopher; Fellow of Trinity College,

Ortega y Gasset, José (1883–1955): Spanish philosopher; studied in Germany, 1905–8;

Russell, Bertrand (1872–1970): from English aristocratic family; eminent phil­oso­pher,

Santayana, George (1863–1952): historically minded Spanish philosopher, poet, novelist,

Schiller, Friedrich (1759–1805): German poet, dramatist, and philosopher; professor at

Tocqueville, Alexis de (1805–59): French aristocrat and historical sociologist; politically

Academic Economists and Lawyers

xxvi Dramatis Personae

Bastiat, Frédéric (1801–50): French liberal economist; influenced by Jean-Baptiste Say

Beckerath, Erwin von (1889–1964): pupil of Schmoller; professor of economics at Cologne

Böhm-Bawerk, Eugen von (1851–1914): influenced by Menger; close family friend of

Dramatis Personae xxvii

Bresciani-Turroni, Costantino (1882–1963): studied law and economics in Padua and

Buchanan, James (1919–2013): influenced by Knight and by Simons at Chicago University;

Colson, Clément (1853–1939): studied at the École Polytechnique; example of French

Dietze, Constantin von (1891–1973): lawyer, economist, and theologian; active in

xxviii Dramatis Personae

Friedman, Milton (1912–2006): studied economics at Chicago and Columbia uni­ver­sities;

Grossekettler, Heinz Georg (1939–2019): studied economics at Mainz University; profes-

Grossmann-Doerth, Hans (1894–1944): studied law; professor of law at Freiburg

Dramatis Personae xxix

Haberler, Gottfried (1900–95): student of Mises in Vienna; professor at Harvard University

Hauriou, Maurice (1856–1929): professor of administrative science at Toulouse University,

Hawtrey, Ralph (1879–1974): studied mathematics at Cambridge, where he was close to

Hoppmann, Ernst (1923–2007): successor of Hayek in Freiburg, 1968–89; influenced by

Issing, Otmar (1936–): studied economics at Würzburg University; professor of econom-

Janssen, Albert-Edouard (1883–1966): studied law in Louvain; worked in monetary the-

xxx Dramatis Personae

Dramatis Personae xxiii

1. Ordo-Liberalism in Comparative and Historical Perspective 19

Le Bon, Gustav (1841–1931): polymath who worked in anthropology, psychology, and

Russell, Bertrand (1872–1970): from English aristocratic family; eminent philosopher,

Friedman, Milton (1912–2006): studied economics at Chicago and Columbia universities;

Möschel, Wernhard (1941–): student of Mestmäcker at Münster and Bielefeld universities;

Villey, Daniel (1910–68): French liberal economist; professor of economics in universities

In the history of mankind there is more that is spontaneous, wilful, unreasonable

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