If someone assaults you, should they get a milder penalty if they are rich than if they are poor? We wouldn't dream of passing a law that formalized such an arrangement. But the design of our legal systems in the US, UK, and elsewhere, which permits people with sufficient money to pay for better lawyers, means that wealth often does make a difference to legal outcomes. Justice, then, depends not only on the substance of the laws we pass, but on (...) the design of the system that administers and enforces them. Philosophers and legal theorists, however, have paid relatively little attention to what justice demands of the general design and structure of the legal system. Equal Justice argues among other things that market principles should not determine access to legal resources. If, for example, a large corporation sues a small startup, either the corporation has to use a law firm of the quality that the startup can afford or--which would be preferable, given the corporation's in-house lawyers--the startup would be given a subsidy to afford a top firm. The author builds on this core idea of equal access to resources to work out how the court system and the legal profession should be structured in order to ensure a generally just legal system. (shrink)

Liberalism generally holds that legitimate political power is limited and is to be impartially exercised, only for the public good. Liberals accordingly assign political priority to maintaining certain basic liberties and equality of opportunities; they advocate an essential role for markets in economic activity, and they recognize government's crucial role in correcting market breakdowns and providing public goods. Classical liberalism and what I call “the high liberal tradition” are two main branches of liberalism. Classical liberalism evolved from the works of (...) Adam Smith and the classical utilitarian economists; its major 20th century representatives include Friedrich Hayek and Milton Friedman. The high liberal tradition developed from John Stuart Mill's works, and its major philosophical representatives in the 20th century are John Dewey and, later, John Rawls. This paper discusses the main distinguishing features of the classical and the high liberal traditions and their respective positions regarding capitalism as an economic and social system. Classical liberals, unlike high liberals, regard economic liberties and rights of private property in productive resources to be nearly as important as basic liberties. They conceive of equality of opportunity in more formal terms, and regard capitalist markets and the price system as essential not only to the allocation of production resources, but also as the fundamental criterion for the just distribution of income, wealth, and economic powers. High liberals, by contrast, regard the economic liberties as subordinate to the exercise of personal and civic liberties. They are prepared to regulate and restrict economic liberties to achieve greater equality of opportunities, reduce inequalities of economic powers, and promote a broader conception of the public good. And while high liberals endorse markets and the price system as essential to allocation of productive resources, they do not regard markets as the fundamental criterion for assessing just distributions of income, wealth, and economic powers and positions of responsibility. The paper concludes with some reflections upon the essential role that dissimilar conceptions of persons and society play in grounding the different positions on economic justice that classical and high liberals advocate. (shrink)

This book contains a collection of important recent writing on left-liberalism, a political philosophy that recognizes both strong liberty rights and strong ...

Ethical consumerism -- Caveat emptor -- The consumer as causal agent -- The consumer as complicit participant -- Toward a practical consumer ethic.

"This book is a sorely needed corrective. Animal Spirits is an important--maybe even a decisive--contribution at a difficult juncture in macroeconomic theory.

Nothing less than a manifesto for a new social and psychological revolution to save our threatened planet, this book is a summary of the penetrating thought of ...

The world of wage labour seems to have become a soulless machine, an engine of social and environmental destruction. Employees seem to be nothing but 'cogs' in this system - but is this true? Located at the intersection of political theory, moral philosophy, and business ethics, this book questions the picture of the world of work as a 'system'. Hierarchical organizations, both in the public and in the private sphere, have specific features of their own. This does not mean, however, (...) that they cannot leave room for moral responsibility, and maybe even human flourishing. Drawing on detailed empirical case studies, Lisa Herzog analyses the nature of organizations from a normative perspective: their rule-bound character, the ways in which they deal with divided knowledge, and organizational cultures and their relation to morality. The volume examines how individual agency and organizational structures would have to mesh to avoid common moral pitfalls and develops the notion of 'transformational agency', which refers to a critical, creative way of engaging with one's organizational role while remaining committed to basic moral norms. The volume goes on to explore the political and institutional changes that would be required to re-embed organizations into a just society. Whether we submit to 'the system' or try to reclaim it, Herzog argues, is a question of eminent political importance in our globalized world. (shrink)

In a capitalist economy, taxes are the most important instrument by which the political system puts into practice a conception of economic and distributive justice. Taxes arouse strong passions, fueled not only by conflicts of economic self-interest, but by conflicting ideas of fairness. Taking as a guiding principle the conventional nature of private property, Murphy and Nagel show how taxes can only be evaluated as part of the overall system of property rights that they help to create. Justice or injustice (...) in taxation, they argue, can only mean justice or injustice in the system of property rights and entitlements that result from a particular regime. Taking up ethical issues about individual liberty, interpersonal obligation, and both collective and personal responsibility, Murphy and Nagel force us to reconsider how our tax policy shapes our system of property rights. (shrink)

The most damning criticism of markets is that they are morally corrupting. As we increasingly engage in market activity, the more likely we are to become selfish, corrupt, rapacious and debased. Even Adam Smith, who famously celebrated markets, believed that there were moral costs associated with life in market societies. This book explores whether or not engaging in market activities is morally corrupting. Storr and Choi demonstrate that people in market societies are wealthier, healthier, happier and better connected than those (...) in societies where markets are more restricted. More provocatively, they explain that successful markets require and produce virtuous participants. Markets serve as moral spaces that both rely on and reward their participants for being virtuous. Rather than harming individuals morally, the market is an arena where individuals are encouraged to be their best moral selves. Do Markets Corrupt Our Morals? invites us to reassess the claim that markets corrupt our morals. (shrink)

Why our workplaces are authoritarian private governments—and why we can’t see it One in four American workers says their workplace is a “dictatorship.” Yet that number almost certainly would be higher if we recognized employers for what they are—private governments with sweeping authoritarian power over our lives. Many employers minutely regulate workers’ speech, clothing, and manners on the job, and employers often extend their authority to the off-duty lives of workers, who can be fired for their political speech, recreational activities, (...) diet, and almost anything else employers care to govern. In this compelling book, Elizabeth Anderson examines why, despite all this, we continue to talk as if free markets make workers free, and she proposes a better way to think about the workplace, opening up space for discovering how workers can enjoy real freedom. (shrink)

The foundation for a system of morals, this 1749 work is a landmark of moral and political thought. Its highly original theories of conscience, moral judgment, and virtue offer a reconstruction of the Enlightenment concept of social science, embracing both political economy and theories of law and government.

The international trading system remains a locus of fierce social conflict. The protesters who besiege gatherings of its managers—most famously on the streets of Seattle at the turn of the millennium—regard it with suspicion and hostility, as a threat to their livelihoods, an enemy of global justice, and their grievances are exploited by populist statesmen peddling their own mercantilist agendas. If we are to support the trading system, we must first assure ourselves that it can withstand moral scrutiny. We must (...) ensure that it works for and not against those whom it envelops; that it serves to emancipate, not ensnare. While there is an extensive literature addressing the economic and legal aspects of trade, the ethical questions its raises have escaped close inspection. This book contributes to resetting the balance. It grapples with moral quandaries relating to world politics, globalization, and international commerce, and recognizes that resolving these problems is essential if we are to move toward a world in which trade justice is a reality. (shrink)

This volume brings together leading scholars from political theory, law, and economics in order to discuss the relationship between financial markets and justice, and invites us to rethink the place and role of financial markets in our societies.

Journal of Social Philosophy, EarlyView.

John Tomasi's Free Market Fairness treats both traditions with depth, nuance, and unremitting fair-mindedness, and then points us toward a synthesis. Social democrats and libertarians equally need to read this book.

Historically, republicans were of different minds about markets: some, such as Rousseau, reviled them, while others, like Adam Smith, praised them. The recent republican resurgence has revived this issue. Classical liberals such as Gerald Gaus contend that neo-republicanism is inherently hostile to markets, while neo-republicans like Richard Dagger and Philip Pettit reject this characterization—though with less enthusiasm than one might expect. I argue here that the right republican attitude toward competitive markets is celebratory rather than acquiescent and that republicanism demands (...) such markets for the same reason it requires the rule of law: because both are essential institutions for protecting individuals from arbitrary interference. I reveal how competition restrains—and in the limit, even eradicates—market power and thereby helps us realize “market freedom,” i.e., freedom as non-domination in the context of economic exchange. Finally, I show that such freedom necessitates “Anglo-Nordic” economic policies. (shrink)

Intellectual property theory grapples with intriguing questions about the political and personal significance of our mental labour and creativity, the metaphysics of art and expression, the justifications for private property, and conflicts between property and free expression rights. This chapter begins with an introduction to the nature of intellectual property, comparing intellectual property to physical property. It continues with an overview of some arguments for, and criticisms of, the legal protection of intellectual property, and concludes with some ethical issues about (...) illegal downloading. (shrink)

The crisis of 2008–2009 has been viewed primarily as a financial one, which has spilled over into the economy more generally. I want to argue that there is a much deeper crisis, of which the present one is a result. The deeper crisis is political: more specifically, it is a crisis in the ideology and social ethos of the American people. I refer to what has happened to the thinking of United States citizens since the Second World War, and the (...) dangers that that transformation entails for world peace and cooperation—let alone the creation of an economic regime in which deep financial crises do not occur. Short of a change in the ideology of a many of its citizens, I do not believe the United States can succeed in preventing a repeat performance, perhaps many encores, which become increasingly severe. (shrink)

Standard economic theory teaches that trade benefits all countries involved, at least in the long run. While there are other reasons for trade liberalization, this insight, going back to Ricardo's 1817 Principles of Political Economy , continues to underlie international economics. Trade also raises fairness questions. First, suppose A trades with B while parts of A's population are oppressed. Do the oppressed in A have a complaint in fairness against B? Should B cease to trade? Second, suppose because of oppression (...) or lower social standards, A's products are cheaper than B's. Can industries in B legitimately insist that their government take measures to help them compete? The Pauper-Labor Argument makes that case, and many economists enjoy dismissing it in undergraduate classes. Third, suppose A subsidizes its industries. If this lowers world market prices, does B have a fairness complaint against A? Ought countries to consider how trade policies affect others? This article is the first of two, which together develop a view that is meant to serve as a reference point for moral assessments of international trade policies. I develop this view by way of offering affirmative answers to these three questions. Since this discussion is organized around these three questions, the two studies can be read independently of each other. Key Words: the state • World Trade Organization • development • oppression • exploitation. (shrink)

Despite a high and growing global average income, billions of human beings are still condemned to lifelong severe poverty, with all its attendant evils of low life expectancy, social exclusion, ill health, illiteracy, dependency, and effective enslavement. This problem is solvable, despite its magnitude.

An argument against treating our bodies as commodities No one wants to be treated like an object, regarded as an item of property, or put up for sale. Yet many people frame personal autonomy in terms of self-ownership, representing themselves as property owners with the right to do as they wish with their bodies. Others do not use the language of property, but are similarly insistent on the rights of free individuals to decide for themselves whether to engage in commercial (...) transactions for sex, reproduction, or organ sales. Drawing on analyses of rape, surrogacy, and markets in human organs, Our Bodies, Whose Property? challenges notions of freedom based on ownership of our bodies and argues against the normalization of markets in bodily services and parts. Anne Phillips explores the risks associated with metaphors of property and the reasons why the commodification of the body remains problematic. What, she asks, is wrong with thinking of oneself as the owner of one's body? What is wrong with making our bodies available for rent or sale? What, if anything, is the difference between markets in sex, reproduction, or human body parts, and the other markets we commonly applaud? Phillips contends that body markets occupy the outer edges of a continuum that is, in some way, a feature of all labor markets. But she also emphasizes that we all have bodies, and considers the implications of this otherwise banal fact for equality. Bodies remind us of shared vulnerability, alerting us to the common experience of living as embodied beings in the same world. Examining the complex issue of body exceptionalism, Our Bodies, Whose Property? demonstrates that treating the body as property makes human equality harder to comprehend. (shrink)

The market is traditionally hailed as the very exemplar of a system under which people enjoy freedom, in particular the negative sort of freedom associated with liberal and libertarian thought: freedom as noninterference. But how does the market appear from the perspective of a rival conception of freedom (freedom as non-domination) that is linked with the Roman and neo-Roman tradition of republicanism? The republican conception of freedom argues for important normative constraints on property, exchange, and regulation, without supporting extremes to (...) the effect that ‘property is theft’ or ‘taxation is theft’ or anything of that kind. It does not cast a cold eye on commerce; it merely provides an alternative view of the attractions. (shrink)

The view of business ethics that Christopher McMahon calls the “implicit morality of the market” and Joseph Heath calls the “market failures approach” has received a significant amount of recent attention. The idea of this view is that we can derive an ethics for market participants by thinking about the “point” of market activity, and asking what the world would have to be like for this point to be realized. While this view has been much-discussed, it is still not well-understood. (...) This paper seeks to remedy this problem. I begin by showing, against some recent commentators, that McMahon’s view and Heath’s view are fundamentally the same. Second, I clarify the sense of “efficiency” at work in the market failures approach. Finally, I argue that, in its current form, this view has little relevance to the real world of business. I conclude by sketching two ways of modifying it to fit our world. (shrink)

In this book G. A. Cohen examines the libertarian principle of self-ownership, which says that each person belongs to himself and therefore owes no service or product to anyone else. This principle is used to defend capitalist inequality, which is said to reflect each person's freedom to do as as he wishes with himself. The author argues that self-ownership cannot deliver the freedom it promises to secure, thereby undermining the idea that lovers of freedom should embrace capitalism and the inequality (...) that comes with it. He goes on to show that the standard Marxist condemnation of exploitation implies an endorsement of self-ownership, since, in the Marxist conception, the employer steals from the worker what should belong to her, because she produced it. Thereby a deeply inegalitarian notion has penetrated what is in aspiration an egalitarian theory. Purging that notion from socialist thought, he argues, enables construction of a more consistent egalitarianism. (shrink)

Kennedy School of Government, Harvard University, USA, mathias_risse{at}ksg.harvard.edu ' + u + '@' + d + ' '//--> It is a widespread view that support for Fair Trade is called for, whereas agricultural subsidies are pegged as unjustifiable. Though one supports farmers in developing countries while the other does the same for those in already developed ones, there are, nonetheless, similarities between both scenarios. Both are economically `inefficient', upholding production beyond what the market would sustain. In both cases, supportive arguments (...) can assume two forms. First, such arguments might draw on normative claims made by producers. In the case of agricultural subsidies, farmers in developed countries assert claims against their fellow citizens, who ought to accept redistributive measures to keep them in business. In the case of Fair Trade, the claim can be made by farmers in developing nations against consumers, who ought to pay higher prices to keep them in business (under conditions deemed acceptable). Second, arguments to keep producers in business might be presented as the prerogative of both groups: even if farmers in developed countries did not have a claim to be kept in business, these countries would have the right to take measures to do so because they value their products. In the case of Fair Trade, even if farmers in developing nations had no claim against consumers, it is a consumer prerogative to pay more to keep them in business because they value their product or the process of producing it. There are, of course, differences between these scenarios as well, but in light of these parallels in the moral cases for subsidies and Fair Trade, it will be illuminating to examine the arguments for and against subsidies and Fair Trade together. Key Words: trade • subsidies • fairness • markets • development. (shrink)

Shows that current elitist theories are based on an inadequate understanding of the early writings of democratic theory and that much sociological evidence has been ignored.

How did the value of freedom become so closely associated with the institution of the market? Why did the idea of market freedom hold so little appeal before the modern period and how can we explain its rise to dominance? In The Invention of Market Freedom, Eric MacGilvray addresses these questions by contrasting the market conception of freedom with the republican view that it displaced. After analyzing the ethical core and exploring the conceptual complexity of republican freedom, MacGilvray shows how (...) this way of thinking was confronted with, altered in response to, and finally overcome by the rise of modern market societies. By learning to see market freedom as something that was invented, we can become more alert to the ways in which the appeal to freedom shapes and distorts our thinking about politics. (shrink)

Against MacIntyre’s view that capitalism is incompatible with the conduct of economic production as a genuine practice, this paper claims that capitalist economies take a number of institutionally distinct forms, and that these differ significantly in the extent to which, and the reasons for which, they are antithetical to production as a practice. Drawing on the extensive literature in comparative political economy on varieties of capitalism, it argues that while ‘Liberal’ Market Economies such as the USA and UK conform quite (...) closely to MacIntyre’s understanding of capitalism, ‘Coordinated’ Market Economies such as Germany and Japan do not. In particular, the industry-based associations of the German model are argued to be highly conducive to the internal goods and standards of excellence central to MacIntyrean practices. (shrink)

In this book Jaeggi draws on phenomenological analyses grounded in modern conceptions of agency, along with recent work in the analytical tradition, to reconceive of alienation as the absence of a meaningful relationship to oneself and ...

Philosophy &Public Affairs, Volume 48, Issue 1, Page 79-113, Winter 2020.

Markets allow for the processing of decentralized information through the price mechanism. But in addition, many markets rely on other mechanisms in markets, or non-market institutions, that provide and manage other forms of knowledge. Within national economies, these institutions form an ‘epistemic infrastructure’ for markets. In global markets, in contrast, this epistemic infrastructure is very patchy, undermining the preconditions for morally responsible agency. New technologies might help to improve the epistemic infrastructure of global markets, but they require conceptualizing knowledge not (...) only as a tradable good, but also as a precondition of morally responsible agency. (shrink)

There is an idea, extremely common among social contract theorists, that the primary function of social institutions is to secure some form of cooperative benefit. If individuals simply seek to satisfy their own preferences in a narrowly instrumental fashion, they will find themselves embroiled in collective action problems – interactions with an outcome that is worse for everyone involved than some other possible outcome. Thus they have reason to accept some form of constraint over their conduct, in order to achieve (...) this superior, but out-of-equilibrium outcome. A social institution can be defined as a set of norms that codify these constraints.1 Simplifying somewhat, one can then say that social institutions exist in order to secure gains in Pareto-efficiency. (shrink)

ABSTRACT:There is considerable overlap between the interests of business ethicists and those of political philosophers. Questions about the moral justifiability of the capitalist system, the basis of property rights, and the problem of inequality in the distribution of income have been of central importance in both fields. However, political philosophers have developed, especially over the past four decades, a set of tools and concepts for addressing these questions that are in many ways quite distinctive. Most business ethicists, on the other (...) hand, consider their field to be primarily a domain of applied ethics, and so adopt methods and conceptual frameworks developed by moral philosophers. In this paper, we discuss some of the salient differences between these two approaches, and suggest some ways in which business ethicists could benefit from taking a more “political philosophy” approach to these questions. Throughout, we underline the importance of seeking greater compatibility among the principles used in normative theorizing about markets, regulations, corporate governance, and business practices. (shrink)

At the end of a thoughtful article on the future of nuclear war, Wiesner and York concluded that: "Both sides in the arms race are... confronted by the dilemma of steadily increasing military power and steadily decreasing national security. It is our considered professional judgment that this dilemma has no technical solution. If the great powers continue to look for solutions in the area of science and technology only, the result will be to worsen the situation.".

Over the last few decades, there have been intense debates concerning the effects of markets on the morality of individuals’ behaviour. On the one hand, several authors argue that markets’ ongoing expansion tends to undermine individuals’ intentions for mutual benefit and virtuous character traits and actions. On the other hand, leading economists and philosophers characterize markets as a domain of intentional cooperation for mutual benefit that promotes many of the character traits and actions that traditional virtue ethics accounts classify as (...) virtuous. In this paper, I join this debate and argue for three claims of general interest to philosophers, economists and policy makers. First, market transactions do not reliably promote individuals’ intentions for mutual benefit, and often select against such intentions. Second, the set of so-called market virtues lacks a substantial overlap with the set of character traits that traditional virtue ethics accounts classify as virtuous. And third, many seemingly virtuous actions observed in market contexts are merely actions in accordance with virtue rather than genuine actions from virtue. These three claims do not license opposition to markets, but challenge the main empirical and theoretical presuppositions of leading virtue ethics defences of markets. (shrink)

How much inequality does market interaction generate? The answer to this question partly depends on the level of competition among economic agents. Yet, in their normative analysis of the market, theories of distributive justice focus on individual characteristics such as talents as determinants of income, and tend to ignore structural features such as competition. Economists, on the other hand, dispose of the conceptual tools to assess the distributive impact of competition, but their analysis is usually limited to allocative efficiency. Part (...) I of the article distinguishes my argument from conventional perspectives on income inequality and redistribution. Whereas the latter propose either to redistribute income once the market interaction has taken place or to adjust the initial holdings of market participants, I focus on the distributive impact of the institutional structure of the market itself. Part II outlines the ways in which various forms of competition affect distribution. My objective here is descriptive in nature, but shows that a normative evaluation of the market has to take seriously the distributive impact of competition. This impact can be broken down into the analysis of three overlapping groups of economic agents, namely consumers, workers, and capital owners. Consumers potentially gain from competition in the form of lower prices, but these gains are only realized if competition does not put pressure on their work income at the same time. Unless competition squeezes profits unusually hard, capital owners tend to benefit from competition. (shrink)

Competition for positional goods is an important feature of contemporary consumer societies. This paper discusses three strategies for a normative evaluation of positional competition. First, it criticizes an evaluation in terms of people's motives to engage in such competition. A reconstruction of an American debate over the status-motivation of consumer behavior shows how such an analysis founders on the difficulties of distinguishing between status and non-status motives for consumption. Second, the article criticizes an approach based on assessing the (positive and (...) negative) externalities of positional competition. This approach is plagued by the methodological difficulty of determining the relevant externalities and their weight. The article then puts forward a third kind of evaluation, in terms of recognition relations. Starting from Axel Honneth's theory of recognition, I will propose to think of positional competition as a struggle for one kind of recognition that is necessary to personal autonomy, i.e. recognition according to the principle of achievement. Finally, the paper discusses the question of how we can assess the legitimacy of interferences with positional competition. I argue that the recognition-based approach has a better response to this question than the externalities-based approach, especially with regard to the liberal objection that such interference is a violation of personal freedom. (shrink)

Semiotic objections to commodification hold that buying and selling certain goods and services is wrong because of what market exchange communicates or because it violates the meaning of certain goods, services, and relationships. We argue that such objections fail. The meaning of markets and of money is a contingent, socially constructed fact. Cultures often impute meaning to markets in harmful, socially destructive, or costly ways. Rather than semiotic objections giving us reason to judge certain markets as immoral, the usefulness of (...) certain markets gives us reason to judge certain semiotic codes as immoral. (shrink)