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On Hayek’s Spontaneous Order in Perspective of “Financial Tsunami”

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Abstract:

This paper tends to prove that the emergence of “financial tsunami” illustrates Hayek’s theory of spontaneous order in a sense. As the main theoretical tool for criticizing the socialism, Hayek defended for the capitalism by the theory of spontaneous order. He thought that it was a kind of moral order and also a kind of material order. It appeared spontaneously, as a result of human evolvement and evolution. The emergence of financial tsunami indicates that the capitalism does not overcome its internal instability or get rid of the periodical economic crisis proved by Marx either.

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