Free Market: The History of an Idea
Bookaholics with Jacob Soll
Soll then traces the deeper origins of market thinking through unexpected sources: Cicero and the Stoics, whose moral philosophy shaped Adam Smith’s worldview, and the medieval Franciscans, whose reflections on poverty and value laid early groundwork for economic theory. He contrasts this tradition with the radical anti-statism of twentieth-century thinkers like Hayek and Friedman, whose influence looms large today despite what Soll views as their distorted readings of the past.
Returning to Smith, he stresses that the philosopher never celebrated greed; he believed markets only function when embedded in morality, judgment, and civic responsibility. The conversation ultimately reframes the history of economics as a history of institutions, ethics, and human character – far removed from the simplistic myth of the “free market” that dominates contemporary debate.