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)

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

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)

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 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)

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)

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.

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)

Rich people stash away trillions of dollars in tax havens like Switzerland, the Cayman Islands, or Singapore. Multinational corporations shift their profits to low-tax jurisdictions like Ireland or Panama to avoid paying tax. Recent stories in the media about Apple, Google, Starbucks, and Fiat are just the tip of the iceberg. There is hardly any multinational today that respects not just the letter but also the spirit of tax laws. All this becomes possible due to tax competition, with countries strategically (...) designing fiscal policy to attract capital from abroad. The loopholes in national tax regimes that tax competition generates and exploits draw into question political economic life as we presently know it. They undermine the fiscal autonomy of political communities and contribute to rising inequalities in income and wealth.Building on a careful analysis of the ethical challenges raised by a world of tax competition, this book puts forward a normative and institutional framework to regulate the practice. In short, individuals and corporations should pay tax in the jurisdictions of which they are members, where this membership can come in degrees. Moreover, the strategic tax setting of states should be limited in important ways. An International Tax Organisation should be created to enforce the principles of tax justice.The author defends this call for reform against two important objections. First, Dietsch refutes the suggestion that regulating tax competition is inefficient. Second, he argues that regulation of this sort, rather than representing a constraint on national sovereignty, in fact turns out to be a requirement of sovereignty in a global economy. The book closes with a series of reflections on the obligations that the beneficiaries of tax competition have towards the losers both prior to any institutional reform as well as in its aftermath. (shrink)

This is a systematic evaluation of the main arguments for and against the market as an instrument of social organization, balancing efficiency and justice. It links the distinctive approaches of philosophy and economics to this evaluation.

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)

Property-Owning Democracy: Rawls and Beyond features a collection of original essays that represent the first extended treatment of political philosopher John Rawls' idea of a property-owning democracy. Offers new and essential insights into Rawls's idea of "property-owning democracy" Addresses the proposed political and economic institutions and policies which Rawls's theory would require Considers radical alternatives to existing forms of capitalism Provides a major contribution to debates among progressive policymakers and activists about the programmatic direction progressive politics should take in the (...) near future. (shrink)

A scholarly edition of a work by Adam Smith. The edition presents an authoritative text, together with an introduction, commentary notes, and scholarly apparatus.

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)

May you sell your vote? May you sell your kidney? May gay men pay surrogates to bear them children? May spouses pay each other to watch the kids, do the dishes, or have sex? Should we allow the rich to genetically engineer gifted, beautiful children? Should we allow betting markets on terrorist attacks and natural disasters? Most people shudder at the thought. To put some goods and services for sale offends human dignity. If everything is commodified , then nothing is (...) sacred. The market corrodes our character. Or so most people say. In Markets without Limits , Jason Brennan and Peter Jaworski give markets a fair hearing. The market does not introduce wrongness where there was not any previously. Thus, the authors claim, the question of what rightfully may be bought and sold has a simple answer: if you may do it for free, you may do it for money. Contrary to the conservative consensus, they claim there are no inherent limits to what can be bought and sold, but only restrictions on how we buy and sell. (shrink)

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.

Gillian Brock develops a model of global justice that takes seriously the moral equality of all human beings notwithstanding their legitimate diverse identifications and affiliations. She addresses concerns about implementing global justice, showing how we can move from theory to feasible public policy that makes progress toward global justice.

Though the revised edition of A Theory of Justice, published in 1999, is the definitive statement of Rawls's view, so much of the extensive literature on Rawls's theory refers to the first edition.

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)

The paper analyses economic evaluations by distinguishing evaluative statements from actual value judgments. From this basis, it compares four solutions to the value neutrality problem in economics. After rebutting the strong theses about neutrality (normative economics is illegitimate) and non-neutrality (the social sciences are value-impregnated), the paper settles the case between the weak neutrality thesis (common in welfare economics) and a novel, weak non-neutrality thesis that extends the realm of normative economics more widely than the other weak thesis does.

In Why Some Things Should Not Be for Sale, philosopher Debra Satz takes a penetrating look at those commodity exchanges that strike most of us as problematic. What considerations, she asks, ought to guide the debates about such markets? What is it about a market involving prostitution or the sale of kidneys that makes it morally objectionable? How is a market in weapons or pollution different than a market in soybeans or automobiles? Are laws and social policies banning the more (...) noxious markets necessarily the best responses to them? Satz contends that categories previously used by philosophers and economists are of limited utility in addressing such questions because they have assumed markets to be homogenous. Accordingly, she offers a broader and more nuanced view of markets--one that goes beyond the usual discussions of efficiency and distributional equality--to show how markets shape our culture, foster or thwart human development, and create and support structures of power. (shrink)

Do we have the right to deny others access to our body? What if this would harm those who need personal services or body parts from us? Ccile Fabre examines the impact that arguments for distributive justice have on the rights we have over ourselves, and on such contentious issues as organ sales, prostitution, and surrogate motherhood.

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

How valuable is the market mechanism for practical morality? What is its moral standing? We can scarcely doubt that as individuals we do value tremendously the opportunity of using markets. Indeed, without access to markets most of us would perish, since we don't typically produce the things that we need to survive. If we could somehow survive without using markets at all, our quality of life would be rather abysmal. It is natural to feel that an institution that is so (...) crucial to our well-being must be valuable. And since moral evaluation can hardly be indifferent to our interests and their fulfillment, it might appear that there is nothing much to discuss here. The market's moral standing “has to be” high. (shrink)

In recent years, the free market position has been gaining strength. In this book, Radin provides a nuanced response to its sweeping generalization.

Winner of the 1975 National Book Award, this brilliant and widely acclaimed book is a powerful philosophical challenge to the most widely held political and social positions of our age--liberal, socialist, and conservative.

Capitalist societies are full of unacceptable inequalities. Freedom is of paramount importance. These two convictions, widely shared around the world, seem to be in direct contradiction with each other. Fighting inequality jeopardizes freedom, and taking freedom seriously boosts inequality. Can this conflict be resolved? In this ground-breaking book, Philippe Van Parijs sets a new and compelling case for a just society. Assessing and rejecting the claims of both socialism and conventional capitalism, he presents a clear and compelling alternative vision of (...) the just society: a capitalist society offering a substantial and unconditional basic income to all its members. Not just an exercise in political theory, this book reveals a new ideal of a free society and its meaning in the real world by drawing out its policy implications. It is essential reading for anyone concerned about the just society and the welfare state as we move into the twenty-first century. (shrink)

Women as commercial baby factories, nature as an economic resource, life as one big shopping mall: This is what we get when we use the market as a common ...

This volume stages a debate between two philosophers, one North American, the other German, who hold different views of the relation of redistribution to ...

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)

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)

It is widely believed that just societies would be characterized by some combination of democratic political institutions and market-based economic institutions. Underlying the commitment to the combination of democracy and markets is the view that certain normatively significant outcomes in a society ought to be determined by democratic processes, while others ought to be determined by market processes. On this view, we have reason to object when market processes are employed in ways that circumvent democratic processes and affect outcomes that (...) ought to be determined democratically. In this paper, I argue that Waheed Hussain’s recent account of the conditions that must be met in order for the use of market power in pursuit of social change to avoid conflict with democratic values is objectionably narrow, and offer an alternative account that avoids the problems that undermine his account without abandoning the requirement that democratic values be properly respected. The central feature of my account that makes this possible is a broader conception of democratic processes that includes public deliberation and debate aimed at shaping informal social norms and practices. (shrink)

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 four new and nine previously published essays, Joseph Heath provides a compelling new framework for thinking about the moral obligations of economic actors. The "market failures" approach to business ethics that he develops provides the basis for a unified theory of business ethics, corporate law, economic regulation, and the welfare state.