No doubt markets transmit information in the way that Hayek claimed. But what reason is there to believe that – unlike any other social institution –… - John N. Gray

Contemporary liberals think of rights as universal human attributes that can be respected anywhere, but here they show a characteristic disregard of history. Current understandings of human rights developed along with the modern nation-state. It was the nation-state that emancipated individuals from the communal ties of medieval times and created freedom as it has come to be known in the modern world. This was not done without enormous conflict and severe costs. Large-scale violence was an integral feature of the process. If the US became a modern nation only after a civil war, France did so only after the Napoleonic wars and Germany after two world wars and the Cold War. In Africa and the Balkans the struggle for nationhood has run in parallel with ethnic cleansing, while the welding of China into a nation that is underway today involves the suppression of Muslim minorities and something not far from genocide in Tibet.

To affirm that humans thrive in many different ways is not to deny that there are universal human values. Nor is it to reject the claim that there should be universal human rights. It is to deny that universal values can only be fully realized in a universal regime. Human rights can be respected in a variety of regimes, liberal and otherwise. Universal human rights are not an ideal constitution for a single regime throughout the world, but a set of minimum standards for peaceful coexistence among regimes that will always remain different.

Like other human freedoms, the freedoms embodied in market institutions are justified inasmuch as they meet human needs. Insofar as they fail to do this they can reasonably be altered. This is true not only of the rights that are involved in market institutions. It is true of all human rights.