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Questions and Answers
What is the primary goal of Kelso's 'soft technologies'?
What is the primary goal of Kelso's 'soft technologies'?
What is the first principle of economic justice in Kelso's ideal market system?
What is the first principle of economic justice in Kelso's ideal market system?
According to Kelso, what determines just prices, wages, and profits?
According to Kelso, what determines just prices, wages, and profits?
Why is charity insufficient on its own, according to Kelso?
Why is charity insufficient on its own, according to Kelso?
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What is the relationship between labor and capital in Kelso's ideal market system?
What is the relationship between labor and capital in Kelso's ideal market system?
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What is the purpose of the ESOP, according to Kelso?
What is the purpose of the ESOP, according to Kelso?
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What is the distributive principle of justice, according to Kelso?
What is the distributive principle of justice, according to Kelso?
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Why is it important to spread capital ownership broadly, according to Kelso?
Why is it important to spread capital ownership broadly, according to Kelso?
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What is the title of the book that addresses the creation of green growth, widespread prosperity, and global peace?
What is the title of the book that addresses the creation of green growth, widespread prosperity, and global peace?
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Which section of the book discusses the challenges of global capitalism?
Which section of the book discusses the challenges of global capitalism?
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What is the primary focus of the book 'The Just Third Way'?
What is the primary focus of the book 'The Just Third Way'?
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Who are the authors of the book 'The Just Third Way'?
Who are the authors of the book 'The Just Third Way'?
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What is the copyright year mentioned in the text?
What is the copyright year mentioned in the text?
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What is the website mentioned in the text?
What is the website mentioned in the text?
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What is the theme of section 2 of the book?
What is the theme of section 2 of the book?
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What is the focus of section 3 of the book?
What is the focus of section 3 of the book?
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What is the main consequence of artificial determinations of prices, wages, and profits?
What is the main consequence of artificial determinations of prices, wages, and profits?
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Who or what sets just prices, just wages, and just profits in a free market?
Who or what sets just prices, just wages, and just profits in a free market?
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How can a free and open market be established?
How can a free and open market be established?
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What is the result of decentralizing economic choice and empowering each person as a consumer, worker, and owner?
What is the result of decentralizing economic choice and empowering each person as a consumer, worker, and owner?
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What is the main source of productivity growth in the modern world, according to recent studies?
What is the main source of productivity growth in the modern world, according to recent studies?
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What is the relationship between wealth distribution and wealth creation?
What is the relationship between wealth distribution and wealth creation?
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What would be the practical reality in a market economy with widespread individual ownership of the means of production?
What would be the practical reality in a market economy with widespread individual ownership of the means of production?
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What is the main concern facing humanity in the 21st century?
What is the main concern facing humanity in the 21st century?
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What is the significance of mentioning 'footprints on the moon' in the introduction?
What is the significance of mentioning 'footprints on the moon' in the introduction?
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What is the main theme of the book 'The Just Third Way'?
What is the main theme of the book 'The Just Third Way'?
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Who is quoted at the beginning of the book?
Who is quoted at the beginning of the book?
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What is the name of the organization responsible for the publication of the book?
What is the name of the organization responsible for the publication of the book?
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What is the title of Chapter 7?
What is the title of Chapter 7?
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What is the main focus of the 'Practical Applications' section?
What is the main focus of the 'Practical Applications' section?
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What is the significance of the year 2008 mentioned in the book?
What is the significance of the year 2008 mentioned in the book?
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What is the primary outcome of a true culture of ownership in a workplace?
What is the primary outcome of a true culture of ownership in a workplace?
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What is the goal of promoting universal access to credit for capital ownership?
What is the goal of promoting universal access to credit for capital ownership?
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What is the purpose of Capital Homestead Accounts?
What is the purpose of Capital Homestead Accounts?
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What is the result of eliminating the traditional double taxation of corporate profits?
What is the result of eliminating the traditional double taxation of corporate profits?
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What is the benefit of having a dividend income from a Capital Homestead Account?
What is the benefit of having a dividend income from a Capital Homestead Account?
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What is the role of Employee Stock Ownership Plans (ESOPs) in the context of binary economics?
What is the role of Employee Stock Ownership Plans (ESOPs) in the context of binary economics?
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What is the relationship between a culture of ownership and the company's bottom-line?
What is the relationship between a culture of ownership and the company's bottom-line?
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What is the expected outcome of democratically owned and organized enterprises multiplying?
What is the expected outcome of democratically owned and organized enterprises multiplying?
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Study Notes
Economic Justice Principles
- Louis Kelso introduced "soft technologies" for lifting the poor without harming the rich or the environment
- Kelso's ideal market system is based on three principles of economic justice:
- Participation: the right to property and access to means of acquiring and possessing property must be extended to all
- Distribution: income should be distributed based on contributions to production (labor, capital, or both)
- Free Choice and Open Market Competition: prices, wages, and profits should be set by globally competitive market forces
Key Concepts
- The distributive principle of justice is based on contributions to production
- The principle of charity complements the distributive principle, but should not replace it
- Artificial determinations of prices, wages, and profits lead to inefficiencies and scarcity
- A free and open market with consumer sovereignty is the most democratic and efficient means for setting prices, wages, and profits
The Just Third Way
- A new paradigm of political economy that combines the best of capitalism and socialism
- Aims to create green growth, widespread prosperity, and global peace
- Based on the principles of binary economics and the free market
Vehicles for Change
- Capital Homestead Accounts (CHAs) provide a tax-deferred means for citizens to invest in private-sector green growth and create private property stakes and ownership incomes
- Other vehicles include Employee Stock Ownership Plans (ESOPs), Community Investment Corporations, Regional Natural Resources Banks, Homeowners' Equity Corporations, and Ownership Unions
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Description
Learn about the three basic principles of economic justice, including participation, distribution, and harmony, as coined by Kelso. Understand how these principles aim to promote economic equality and sustainability.
