Introduction
Justice in very simple terms is fairness in any arena. Economic justice on the other hand is the freedom and the principles that guide a society in designing economic institutions in an economic zone. It is therefore prudent to note that for better economic institutions to exist, some certain fundamental principles must be followed to the letter. The criterion resorted to must be participative in nature (Brosio & Hochman, 1998). An economic design referred in this research is one that determines how individuals in a society earn their living in terms of production and the sale of the final product to the consumers at large. The forces that balance between the demand and the supply of the various goods and services will be looked into in detail. In order to dispose this research of, capitalism, as a political theory will be used as the ideal prism.
Capitalism
Capitalism is an economic realm that captures individualism in terms of ideas and innovativeness. In this respect, private owners are allowed to own property and use the same in serving their own interests. Each individual has the permission to come up with their own innovations as long as the same is done under the legal framework recognized by the government of the day. The innovation and creativity leads to production of goods and services for consumption by the general public. The pricing of the same is controlled by the unseen hand as a mechanism that serves the best interest of the society (Nathanson, 1998).
Use your promo and get a custom paper on
"Capitalism and the Aspect of Economic Justice".
At the core of capitalism lies the concept of pricing. Pricing is important in any economic system and in all societies. Pricing is also an important building block for economic justice. The concept of pricing thus is one of the most fundamental aspects of looking at the whole and global subject matter of economic and social justice. Capitalistic economic system is self-regulating in terms of pricing. However, it must be noted that the government plays an important role in the arena of pricing. The government is therefore dutiful in ensuring that the system runs smoothly without disruptions. The three elements that the government must look into are; peace, easy taxes and fair administration justice. With these three in place, then the system runs. A measure of economic justice must be looked with a skewed eye towards the recipient of the goods and services; which are subject to capitalism (Phelps, 1973).
Individuals apply their capital and labour in the production in the society. The desire to undertake this duty is to get profit gains and the end of the process. Security by the government must be assured. Laborers as essential players in this particular system. Their pay must be justified. The owners of the private production institutions must also get what is considered their dues. The buyers of the goods and services must also get value for their money. This means that the prices must be fair. Therefore, it means that an equilibrium must be in place to checker all these requirements for fulfillment. The justice part of it is that there is recognition of rights of individuals and efforts. The value of the individual economic institutions are left to the market forces. The role of the government is to provide peace, easy taxes and justice.
Conclusion
From the above submissions, it is evident that any economic zone must possess some essential elements. These elements must be directed to providing and equilibrium in the aspect of pricing. Economic justice is viewed on the recipients of the goods and services. The owners of the institutions must also be recipients of justice. Capitalism is a theory that restores economic justice. no wonder the system dominates global economic zones.
- Brosio, G., & Hochman, H. M. (1998). Economic justice. Cheltenham, UK: Edward Elgar.
- Nathanson, S. (1998). Economic justice. Upper Saddle River, N.J.: Prentice Hall.
- Phelps, E. S. (1973). Economic justice: selected readings. Harmondsworth: Penguin Education.
