In sequence, we discuss the claims for state intervention that derive from our moral sense of justice, the arguments for state intervention based on prisoners' dilemmas and the need for collective action, and the case for state intervention that follows from the broad claims of market failure....

Liberalism correctly understood is little more than the persistent and consistent applications of the principles of economics of the affairs of men be they domestic or international. These include mutually beneficial exchange, the absence of political privilege, and toleration. The institutional...