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Markets and Justice

Nomos XXXI

John Chapman

Publication Year: 1989

In this thirty-first annual volume in the American Society of Legal and Political Philosophy's NOMOS series, entitled Markets and Justice, a number of distinguished authors consider a variety of topics in the area where economics, philosophy, and political science join paths. Included are essays such as "Contractarian Method, Private Property, and the Market Economy," "Justice Under Capitalism," and "Market Choice and Human Choice." Authors include Joshua Cohen, MIT; Gerald F. Gaus, University of Queensland; Margaret Jane Radin, University of Southern California; and Andrzej Rapaczynski, Columbia University.

Part of a well-known and important series, Markets and Justice will prove invaluable to political scientists, legal scholars, philosophers, and their students.

Part of a well-known and important series, Markets and Justice will prove invaluable to political scientists, legal scholars, philosophers, and their students.

Published by: NYU Press

Title Page, Copyright

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pp. ix-x

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pp. xi

This volume began with papers presented at the thirty-first annual meeting of the Society held in December 1986 at the Sheraton-Boston Hotel in conjunction with the convention of the American Philosophical Association. Weare grateful to T. M. Scanlon, Jr., of Harvard University for having organized...

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pp. 1-10

John Gray's chapter, which leads off part 1, is at once a defense of a certain version of contractarian theory and an argument that his theory supports reliance on a market capitalist economy as opposed to market socialism, which many today find morally and politically attractive. These two components of his essay are...


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pp. 11

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1. Contractarian Method, Private Property, and the Market Economy

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pp. 13-58

Here Rawls makes two major claims. First, that private-property and socialist regimes are both bound to adopt market pricing as a centrally important allocative institution. For this reason, it cannot be the presence or absence of markets that decides whether an economic system be classified as capitalist or...

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2. The Vagaries of Consent: A Response to John Gray

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pp. 59-71

I have no quarrel with Gray's first claim, concerning the contextual nature of political philosophy. If anything I could make the point more stark and bring out more distinctly its consequences for the method of contractarianism. Thus, while I think Gray is on the right track when he says that a contextualization...

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3. Contractualism and Property Systems

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pp. 72-85

In responding to Gray, I will focus primarily on the first two theses. Before turning to that response, I should emphasize one important limitation to it. In my not very idiosyncratic view, the central arguments for socialism are arguments about democracy-about the limits on democracy imposed by the private...


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pp. 87

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4. A Contractual Justification of Redistributive Capitalism

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pp. 89-121

Contractualist political theory reveals two competing accounts of the relation between property, the state of nature and the social contract. Locke and contemporary Lockeans such as Robert Nozick maintain that exclusionary property rights characterize the state of nature, and the main end of government is to...

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5. Justice Under Capitalism

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pp. 122-162

Many observers share Alan Ryan's view that "capitalism is not ... morally very engaging." Socialists in particular often claim that distributive injustice is inherent in capitalism. Michael Harrington's assertions in this regard are fairly typical: "Capitalism ... is outrageously unjust: it requires a continuing...


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pp. 163

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6. Justice and the Market Domain

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pp. 165-197

It has been traditional to view some aspects of social life as inappropriate for the market. We speak of a metaphorical wall between the market and other realms of social life, much as we speak of a wall between church and state. There is a traditional understanding that important political activities, like voting, are...

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7. Dominos and the Fear of Commodification

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pp. 198-225

The market order and the liberal individualism that order expresses and reinforces has, throughout its history, been subjected to a complex critique that has united traditionalist and revolutionary opponents of capitalism. This critique invokes a number of familiar themes: alienation from self; alienation from...

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8. Market Choice and Human Choice

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pp. 226-249

There are four major targets of criticism of the market: efficiency, distributive justice, personality, and quality of life. Market influences on anyone of them also influence the other three; hence criticism of market influences on anyone implies something about the others. Changing one market relation...

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9. The Justice of the Market: Comments on Gray and Radin

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pp. 250-276

Is the free market a just institution? I will support an affirmative answer here, mainly by way of discussing two chapters in this volume, those of John Gray and Margaret Jane Radin. They deal with very different aspects of this question, but my remarks present a unified view that benefits from reflection on each of...


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pp. 277

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10. Disrupting Voluntary Transactions

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pp. 279-302

The conventional market transaction takes many forms. One person sells a commodity to another who is willing to pay for it; the commodity may be a job, a part of the body, an artistic work, or an opportunity to advertise on television. Disruption of arrangements of this sort is the exception in most Western legal...

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11. Markets and Justice: An Economist's Perspective

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pp. 303-327

The interaction between moral philosophy and economics has a long history; many have worked in both fields and welfare economics is to a large extent an applied branch of moral philosophy. For a number of years this interaction lay dormant as economists unselfconsciously accepted Pareto optimality in their...

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pp. 328-330

Where do we stand? Only the naive would expect that a symposium on this topic would lead to general agreement, to the solution of a problem, or complex of problems as old as philosophizing itself. It will do no harm however, and possibly some good, to ask ourselves what issues stand out for the agenda for...


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pp. 331-336

E-ISBN-13: 9780814790168
E-ISBN-10: 081479016X
Print-ISBN-13: 9780814714218
Print-ISBN-10: 0814714218

Publication Year: 1989