Conservative Liberalism as a Disciplinary Revolution
This chapter examines economic and monetary discipline. It notes that conservative liberals accorded great importance to law as the source of discipline, as exemplified by Franz Böhm, Louis Brandeis, and Maurice Hauriou. The chapter considers discipline in the history of liberalism, noting that it is not the exclusive property of conservative liberalism—though it is its predominant characteristic. It considers the social, economic, and political functions of rules, notably the work of Friedrich Hayek; the Currency and Banking Schools; the difficulties that arise in the choice, design, and use of rules; the reinforcement provided by credibility and time-consistency literature since the 1970s; the legitimacy and accountability problems of unelected power; the question of when discipline becomes the enemy of democracy and liberty; and the respective roles of the state and the market as sources of destabilizing shocks. The chapter stresses the rich and revealing use of metaphor by conservative liberals: their rejection of engineering metaphors for those of gardening, architecture, health and medicine, and religion. Ordo-liberalism is characterized as an open-ended tradition, with internal fragmentation and porous boundaries, its membership including migrants as well as natives. The notion of a mainstream is defined by a social process of selecting key texts as essential references and citations.