Hayek and the Naturalisation of Neoliberalism

In this paper, I shall explore Friedrich August von Hayek’s evolutionary theory as a lens for understanding key aspects of neoliberalism. During the 1950s, Hayek increasingly embraced an evolutionary perspective, leading to a distinctive conceptualisation of the market in evolutionary terms. His definition of the market sharply contrasts with laissez-faire liberalism’s conventional market conception. By delving into the link between nature and the market in Hayek’s evolutionary theory, I shall argue that his articulation aligns with a well-established definition of neoliberalism. According to Michel Foucault, neoliberalism departs from classical liberal doctrine by acknowledging that market conditions do not emerge ‘naturally’. I aim to demonstrate that the same distinction drawn by Foucault between liberalism and neoliberalism is discernible in Hayek's evolutionary theory of the market. Finally, I will argue that despite Hayek’s departure from classical liberalism in defining the relationship between nature and the market, this divergence does not impede him from proposing a novel form of market naturalisation.