Put somewhat crudely, we would have to speak here of the emergence of a liberal despotism. […] This momentous moral-philosophical shift was probably first made explicit by the physiocrats […] The market guarantees that natural laws can pertain equally to moral life; and the forces of the market make it possible for economic law, in particular, to represent natural rights in general. […] One inevitable consequence of this overall accommodation to the market is that the distinction, stemming from the modern theory of the state, between civil society and the state of nature no longer makes sense. The market cancels or elides this distinction and eliminates the associated aporias of natural law. It circumvents the social contract and presents itself as a kind of état de nature. [p.30] What later goes by the name of “liberalism” thus first took the form of naturalism, which defined so-called market freedoms primarily in terms of a duty and an obligation: the duty to relinquish control of economic subjects and a corresponding obligation to subordinate governments and their agents to primordial market laws.
Joseph Vogl, The Specter of Capitalism (Stanford: Stanford University Press, 2015), p.29.