ABSTRACT
My purpose in this chapter is to examine more closely James M.Buchanan’s contractarian perspective, that I have contrasted, in the previous chapter, with F.A.Hayek’s evolutionary approach. My purpose is twofold. I intend to systematically explicate the logic of Buchanan’s contractarian theory, and to supplement or further develop his argument where I see a need to do so. Second, elaborating on a theme hinted at in the previous chapter, I shall explore the relation between the Buchanan perspective-which I characterize as contractarian liberalism-and the theoretical tradition that is commonly classified as classical liberalism. More specifically, and this explains my use of the term ‘contractarian liberalism’, my purpose is to show that Buchanan’s contractarian approach is not only compatible with classical liberalism, but provides an important supplement to the latter’s traditional market-centred focus, by systematically extending its fundamental premises into the realm of collective action and constitutional choice.
