Hayek's message was that free enterprise required 'not only moral standards but moral standards of a particular kind'. Like the manufacturers he was addressing, Hayek and his MPS companions had long been convinced that a market order required a conducive moral order. From their perspective, the rise of socialism and social democracy was, first of all, a moral problem. No free society would survive, the Austrian economist told this sympathetic business audience, without a moral climate that instils personal responsibility and regards it as just that people are rewarded materially based on how valuable their services are to their fellows.

Jessica Whyte, The Morals of the Market, loc. 23