Just Third Way: Empowerment and Dignity

Foundational Definitions of the Just Third Way

• The Just Third Way is based on the dignity and empowerment of each person.
• The moral basis of the Just Third Way is focused on the dignity and empowerment of each person.

Definition of a Person

• Legally, a person is that which has rights.
• There are two types of persons:
  • Natural persons (human beings)
  • Artificial persons (business corporations, created entities)

Definition of Power

• Power means the ability to do or not do something.
• Power is related to rights, as a person needs power to exercise their rights.

Definition of Private Property

• Private property is a key right, alongside life and liberty.
• There are two aspects of private property:
  • The natural, absolute right every person has to be an owner.
  • The bundle of rights that define how an owner may use what is owned (e.g., control, enjoyment, uses).
• The rights of property are limited and socially determined.

Acquisition of Property

• Ways to acquire property:
  • Inheritance
  • Abandoned properties
  • Access to money and credit

Money and Credit

• Money is a medium of exchange.
• Credit is a loan of money to be repaid.
• Money and credit are based on promises and trust.
• The value of money is measured by its ability to facilitate the exchange of things of value.

Types of Money

• Past savings money (results from consuming less than producing)
• Future savings money (present value of future increases in production)
• No savings money (created out of nothing, e.g., government debt)

Proper Use of Money

• Past savings money: consumption
• Future savings money: investment in new capital or projects
• No savings money: not to be used at all

Justice

• Justice is the classical virtue that says everyone gets what is due.
• Virtue is the habit of doing good, becoming more fully human.
• Justice is divided into:
  • Individual Justice (how we render to others and ourselves what is due)
  • Social Justice (the Justice directed at the common good)
  • Distributive Justice (the justice of proportion, in group endeavors)

Common Good

• The common good is the capacity every single human being has to become more fully human.
• Socially, the common good is the vast network of institutions that help us become virtuous.

Social Justice

• Social justice is the Justice directed to the common good.
• It means organizing to correct our institutions so that they help us become virtuous.

Economic Justice

• Individual level: behaving justly in the market (e.g., just price, just wage)

• Social level: application of social justice to economic systems, enabling individual economic justice.

• Principles of economic justice:

  • Equal opportunity to participate as owners of labor and capital
  • Distributions commensurate with contribution### Principles of Justice

• Participative Justice: the input principle, where every individual has the right to participate with capital and labor.

• Distributive Justice: the principle of receiving a distribution of results in proportion to the relative value of one's contribution.

Expansion of Principles

• Principle of Limitation expanded to Social Justice, which encompasses Participative Justice and Distributive Justice.
• Social Justice: the feedback and corrective principle, ensuring that economic institutions are structured to permit everyone to participate and receive a just distribution.

Key Distinctions

• Social Justice in the economic realm does not mean forcing participation, but rather creating an environment where everyone can participate.
• Social Justice does not mean paying a just wage, but rather making it possible for owners to receive what they are due and for wage earners to earn what they deserve.

Importance of Terminology

• Understanding the terminology is crucial, and the relationships between the terms will become clearer as they are applied in different contexts.
• Participants are encouraged to ask questions and engage with the material to solidify their understanding.

Foundational Definitions of the Just Third Way

• The Just Third Way is centered on promoting the dignity and empowerment of each person.

Definition of a Person

• Legally, a person is an entity with rights, which can be either:
• Natural persons (human beings)
• Artificial persons (business corporations, created entities)

Definition of Power

• Power is the ability to exercise one's rights, which is closely tied to having rights.

Definition of Private Property

• Private property is a fundamental right, alongside life and liberty, consisting of:
• The natural, absolute right to own property
• A bundle of rights that define how an owner can use their property (e.g., control, enjoyment, uses)
• The rights of property are limited and socially determined.

Acquisition of Property

• Ways to acquire property include:
• Inheritance
• Abandoned properties
• Access to money and credit

Money and Credit

• Money is a medium of exchange, and credit is a loan of money to be repaid.
• The value of money is measured by its ability to facilitate the exchange of valuable things.

Types of Money

• There are three types of money:
• Past savings money (resulting from consuming less than producing)
• Future savings money (present value of future increases in production)
• No savings money (created out of nothing, e.g., government debt)

Proper Use of Money

• Each type of money has a specific use:
• Past savings money: consumption
• Future savings money: investment in new capital or projects
• No savings money: should not be used at all

Justice

• Justice is the virtue of giving everyone what is due, consisting of:
• Individual Justice (rendering to others and ourselves what is due)
• Social Justice (directed at the common good)
• Distributive Justice (justice of proportion, in group endeavors)

Common Good

• The common good is the capacity for individuals to become more fully human, supported by a vast network of institutions.

Social Justice

• Social justice is the organization of institutions to correct injustices and promote the common good.

Economic Justice

• Economic justice involves:
• Individual level: behaving justly in the market (e.g., just price, just wage)
• Social level: applying social justice to economic systems, enabling individual economic justice
• Principles of economic justice include:
  • Equal opportunity to participate as owners of labor and capital
  • Distributions commensurate with contribution

Principles of Justice

• Participative Justice: the input principle, where every individual has the right to participate with capital and labor.
• Distributive Justice: the principle of receiving a distribution of results in proportion to the relative value of one's contribution.

Expansion of Principles

• The Principle of Limitation is expanded to Social Justice, which encompasses Participative Justice and Distributive Justice.

Key Distinctions

• Social Justice does not mean forcing participation, but rather creating an environment for participation.
• Social Justice does not mean paying a just wage, but rather enabling owners to receive what they are due and wage earners to earn what they deserve.

Importance of Terminology

• Understanding the terminology is crucial, and relationships between terms will become clearer as they are applied in different contexts.