article: Spontaneous Order & Financial Tsunami

Ligang Zhang, “On Hayek’s Spontaneous Order in Perspective of “Financial Tsunami””, Journal of Law & Politics, Vol. 2, No. 1.  March 2009.


This paper tends to prove that the emergence of “financial tsunami” illustrates Hayek’s theory of spontaneous order in a sense. As the main theoretical tool for criticizing the socialism, Hayek defended for the capitalism by the theory of spontaneous order. He thought that it was a kind of moral order and also a kind of material order. It appeared spontaneously, as a result of human evolvement and evolution. The emergence of financial tsunami indicates that the capitalism does not overcome its internal instability or get rid of the periodical economic crisis proved by Marx either.

Ligang Zhang, School of Law, Shandong Police College, Jinan, China.

Selected References:

Andrew Gamble. (2002). Translated by Wang, Xiaodong & Zhu, Zhijiang. Hayek: The Iron Cage of Liberty. Nianjing:
Jiangsu People’s Publishing House.

Friedrich Hayek. Translated by Deng, Zhenglai. (2000). Law, Legislation and Liberty. Beijing: Encyclopedia of China Publishing House.

Friedrich Hayek. Translated by Deng, Zhenglai. (2003). Individualism and Economic Order. Beijing:
Shenghuo-Dushu-Xinzhi Joint Publishing Company.

Razeen Sally. Translated by Qiu, Feng. (2003). Hayek and Classical Liberalism. Guiyang: Guizhou People’s Publishing
House. p181-202.

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