Hayek held that free markets require a moral culture of personal responsibility to survive

Evidence

Hayek’s message was that free enterprise required ‘not only moral standards but moral standards of a particular kind’. Like the manufacturers he was addressing, Hayek and his MPS companions had long been convinced that a market order required a conducive moral order. From their perspective, the rise of socialism and social democracy was, first of all, a moral problem. No free society would survive, the Austrian economist told this sympathetic business audience, without a moral climate that instils personal responsibility and regards it as just that people are rewarded materially based on how valuable their services are to their fellows. — Jessica Whyte, The Morals of the Market, 23

Categorization

• XREF: Challenges the common assumption that market ethics is about freedom-from-morality; connects to debates on whether markets erode or depend on moral values — relevant to the reader’s market-ethics reading purpose. — connects to: Hayek courted Christians as necessary allies for liberalism — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 354; Hayek’s market-morals argument drew on explicitly ethical justifications of capitalism. — Jessica Whyte, The Morals of the Market: Human Rights…, 491; Hayek valued religion pragmatically for securing submission to market order — Jessica Whyte, The Morals of the Market: Human Rights…, 356 (+6 more)

Broader Connections

• Hayek’s market-morals argument drew on explicitly ethical justifications of capitalism. #expands (0.90) — Jessica Whyte, The Morals of the Market, 491
• Hayek valued religion pragmatically for securing submission to market order #expands (0.85) — Jessica Whyte, The Morals of the Market, 356
• Hayek feared moral and religious decline could destroy market civilization #corroborates (0.85)