Contributor(s): Professor John Hasnas | In conventional political philosophy, law is understood as consciously created rules that are a necessary mechanism for regulating the excesses of the free market. Although coercive in nature, law is seen as a necessary defence against anarchy. But is the situation that simple? In his examination of the purpose and functioning of the legal system, John Hasnas challenges this false dichotomy, presenting a new theory of liberalism that demonstrates that the common law can serve as an effective alternative to traditional politically created legislation.