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This book develops a liberal theory of justice in exchange. It
identifies the conditions that market exchanges need to fulfill to
be just. It also addresses head-on a consequentialist challenge to
existing theories of exchange, namely that, in light of new harms
faced at the global level, we need to consider the combined
consequences of millions of market exchanges to reach a final
judgment about whether some individual exchange is just. The author
argues that, even if we accept this challenge, the effect of it is
minimal. For different reasons, normatively problematic collective
market outcomes like externalities, monopolies, violations of the
Lockean proviso, inequality, and commodification do not pose
particular problems to the justice of market exchanges. He outlines
the various conditions a market exchange needs to fulfill to be
considered just from a liberal background and in light of the new
harms. Ultimately, he shows, it is not the market which is to
blame; if we want to tackle issues like global warming or global
economic injustice, we should not blindly follow the intuition that
we best restrain and regulate markets. Commutative Justice is
unique in its focus on justice in exchange rather than on end-state
distributive justice, and the way in which it addresses the new
harms we are facing today. It will be of interest to researchers
and advanced students in philosophy, politics, and economics who
are working on questions of economic justice.
This book develops a liberal theory of justice in exchange. It
identifies the conditions that market exchanges need to fulfill to
be just. It also addresses head-on a consequentialist challenge to
existing theories of exchange, namely that, in light of new harms
faced at the global level, we need to consider the combined
consequences of millions of market exchanges to reach a final
judgment about whether some individual exchange is just. The author
argues that, even if we accept this challenge, the effect of it is
minimal. For different reasons, normatively problematic collective
market outcomes like externalities, monopolies, violations of the
Lockean proviso, inequality, and commodification do not pose
particular problems to the justice of market exchanges. He outlines
the various conditions a market exchange needs to fulfill to be
considered just from a liberal background and in light of the new
harms. Ultimately, he shows, it is not the market which is to
blame; if we want to tackle issues like global warming or global
economic injustice, we should not blindly follow the intuition that
we best restrain and regulate markets. Commutative Justice is
unique in its focus on justice in exchange rather than on end-state
distributive justice, and the way in which it addresses the new
harms we are facing today. It will be of interest to researchers
and advanced students in philosophy, politics, and economics who
are working on questions of economic justice.
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