Rule of law in economics restricts the state to purely formal legislation

Evidence

What does applying the principle ofthe Rule oflaw in the economic order mean? Roughly, I think it means that the state can malce legal interventions in the economic order only ifthese legal interventions take the form solely of the introduction of formal principles. There can only be formal economic legislation. This is the principle of the Rule oflaw in the economic order. — Michel Foucault, The Birth of Biopolitics, 923

Categorization

• DEFINE: Defines the Rule of law in the economic order as purely formal legal intervention, a key concept in Hayek’s framework Foucault is unpacking.
• XREF: connects to: The Treaty of Rome became a supranational constitution enforcing market rules beyond democratic reach — Quinn Slobodian, Globalists: The End of Empire and the…, 708; Finance requires the state to regulate markets and police its own excesses — Max Haiven, Cultures of Financialization, 504; The Rule of law separates universal laws from particular administrative measures — Michel Foucault, The Birth of Biopolitics: Lectures at…, 910 (+4 more)

Broader Connections

• Law and order originally meant state rule limited to law itself #expands (0.75) — Michel Foucault, The Birth of Biopolitics, 939