Is Economic Power an Institution?

The article deals with August Ludwig von Rochauʼs reformulation of Liberal politics after the defeat of the 1848 revolution. In response to the widely perceived crisis of Liberalism, von Rochau developed a realistic view of politics (he is credited with the invention of the concept of Realpolitik) as the basis for a renewed Liberalism. His realism with regard to politics, however, did not extend to a critical view of economic power. Economic power was exempted from political reflection and control.