ABSTRACT
It is the commitment to both the market based on private ownership as the natural state of the economy and the role of the State as intervention in instances of market failure that has produced the separation of private contract and public hierarchy which it appears the hybrid calls into question. The two original conceptions are, I hope it is now clear, quite antithetical as allocative structures. The former is based on a belief in complete privacy and the other is based on the public rejection of the former’s results in particular (though now, of course, with the State expending around 40% of the gross domestic product of each of the major industrialised countries, very many indeed) cases. Their purported combination in a hybrid is, as I have said, a contradiction. To be combined, they both must be changed, and indeed this is exactly what has happened. Let me look at this combination again in more detail.
