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Economic Justice Principles
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Economic Justice Principles

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Questions and Answers

What is the primary goal of Kelso's 'soft technologies'?

  • To increase the wealth of the rich
  • To reduce the role of government in the economy
  • To promote charity over justice
  • To lift up the world's poor without harming the environment (correct)

    • What is the first principle of economic justice in Kelso's ideal market system?

  • Participation, the input principle (correct)
  • Charity, the virtue of giving
  • Distribution, the out-take principle
  • Justice, the principle of fairness

    • According to Kelso, what determines just prices, wages, and profits?

  • The free and open market (correct)
  • Government regulations
  • Labor unions
  • The wealthy elite

    • Why is charity insufficient on its own, according to Kelso?

    <p>Because it substitutes for justice</p> Signup and view all the answers

    What is the relationship between labor and capital in Kelso's ideal market system?

    <p>Labor and capital are interdependent factors of production</p> Signup and view all the answers

    What is the purpose of the ESOP, according to Kelso?

    <p>To give workers ownership in the means of production</p> Signup and view all the answers

    What is the distributive principle of justice, according to Kelso?

    <p>Distribution based on contribution</p> Signup and view all the answers

    Why is it important to spread capital ownership broadly, according to Kelso?

    <p>To ensure just prices, wages, and profits</p> Signup and view all the answers

    What is the title of the book that addresses the creation of green growth, widespread prosperity, and global peace?

    <p>The Just Third Way</p> Signup and view all the answers

    Which section of the book discusses the challenges of global capitalism?

    <p>Why isn’t Global Capitalism Working?</p> Signup and view all the answers

    What is the primary focus of the book 'The Just Third Way'?

    <p>Creating Green Growth and Widespread Prosperity</p> Signup and view all the answers

    Who are the authors of the book 'The Just Third Way'?

    <p>Norman G. Kurland, Dawn K. Brohawn, and Michael D. Greaney</p> Signup and view all the answers

    What is the copyright year mentioned in the text?

    <p>2008, 2014</p> Signup and view all the answers

    What is the website mentioned in the text?

    <p><a href="http://www.cesj.org">www.cesj.org</a></p> Signup and view all the answers

    What is the theme of section 2 of the book?

    <p>A 'SYSTEM FAILURE' IN GLOBAL SOCIETY</p> Signup and view all the answers

    What is the focus of section 3 of the book?

    <p>A New Paradigm of Political Economy</p> Signup and view all the answers

    What is the main consequence of artificial determinations of prices, wages, and profits?

    <p>Inefficiencies in the use of resources and scarcity</p> Signup and view all the answers

    Who or what sets just prices, just wages, and just profits in a free market?

    <p>The consumer</p> Signup and view all the answers

    How can a free and open market be established?

    <p>By gradually eliminating all special privileges and monopolies</p> Signup and view all the answers

    What is the result of decentralizing economic choice and empowering each person as a consumer, worker, and owner?

    <p>Balanced growth in a market economy</p> Signup and view all the answers

    What is the main source of productivity growth in the modern world, according to recent studies?

    <p>Technological and systems advances</p> Signup and view all the answers

    What is the relationship between wealth distribution and wealth creation?

    <p>Wealth distribution assumes wealth creation</p> Signup and view all the answers

    What would be the practical reality in a market economy with widespread individual ownership of the means of production?

    <p>Say's Law of Markets</p> Signup and view all the answers

    What is the main concern facing humanity in the 21st century?

    <p>Threat of war, global terrorism, and environmental degradation</p> Signup and view all the answers

    What is the significance of mentioning 'footprints on the moon' in the introduction?

    <p>To show the contrast between scientific progress and social problems</p> Signup and view all the answers

    What is the main theme of the book 'The Just Third Way'?

    <p>Creating green growth, widespread prosperity, and global peace</p> Signup and view all the answers

    Who is quoted at the beginning of the book?

    <p>R. Buckminster Fuller</p> Signup and view all the answers

    What is the name of the organization responsible for the publication of the book?

    <p>Center for Economic and Social Justice</p> Signup and view all the answers

    What is the title of Chapter 7?

    <p>Pursuing Justice, Not Utopia</p> Signup and view all the answers

    What is the main focus of the 'Practical Applications' section?

    <p>Finding solutions to global problems like war and terrorism</p> Signup and view all the answers

    What is the significance of the year 2008 mentioned in the book?

    <p>The year the book was published</p> Signup and view all the answers

    What is the primary outcome of a true culture of ownership in a workplace?

    <p>Workers become empowered to make better decisions</p> Signup and view all the answers

    What is the goal of promoting universal access to credit for capital ownership?

    <p>To create a more free and just market system</p> Signup and view all the answers

    What is the purpose of Capital Homestead Accounts?

    <p>To channel capital credit to citizens for private-sector growth</p> Signup and view all the answers

    What is the result of eliminating the traditional double taxation of corporate profits?

    <p>More savings and private-sector investments in new capital assets</p> Signup and view all the answers

    What is the benefit of having a dividend income from a Capital Homestead Account?

    <p>It supplements income from other sources and provides for retirement</p> Signup and view all the answers

    What is the role of Employee Stock Ownership Plans (ESOPs) in the context of binary economics?

    <p>They are a means of implementing the transformation to a more just economy</p> Signup and view all the answers

    What is the relationship between a culture of ownership and the company's bottom-line?

    <p>They unite everyone's self-interest around the company's bottom-line</p> Signup and view all the answers

    What is the expected outcome of democratically owned and organized enterprises multiplying?

    <p>A more free and just market system</p> Signup and view all the answers

    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.

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