Hayek provided a more developed account of the morals of a market society in his late work, Law, Legislation and Liberty. Evoking the fall of Rome – and the thesis of its great historian Edward Gibbon, who attributed that fall to a decline in ancient virtue – Hayek warned that, whether or not Gibbon was correct about Rome, 'there can be no doubt that moral and religious beliefs can destroy a civilization'. For Hayek and those he brought together to form the Mont Pèlerin Society, the demise of the morals that sustained a market order threatened their own civilisation with destruction.

Jessica Whyte, The Morals of the Market, loc. 24