He writes (emphasis added): “We are brought back to what I have elsewhere referred to
as ‘old Chicago school thinking’, the stance that accepts that markets work, but
only within properly defined constraints, but would never claim that markets
can effectively generate their own constraints or rules”
From here:
http://www.rmm-journal.de/downloads/Article_Buchanan.pdf
It’s 7 pages–sections 5 and 6 are particularly relevant, although the rest is interesting too.
I posted this in order to see if anyone felt that Buchanan’s point is a challenge to anarcho-capitalism or if there are solutions to the problems he identifies.