Rawls neoclassical economics

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Chapter 4 in Neoliberal Social Justice, 2021, pp 48-58 from Edward Elgar Publishing

Abstract: Rawls claims that his principles of justice are neutral between socialist and private-property economic institutions, while ruling out welfare-state capitalism as unjust. Rawls’ rejection of welfare-state capitalism reflects partly the limited welfare provided in the United States and Marx’s definition of capitalism as class-based. Rawls grounds his neutrality between economic systems on neoclassical economic theory suggesting that public and private ownership are not consequential for the effective production of goods and services. But historical experience of socialism, as well as developments in new institutional economics and market process theory, indicate that the character of economic institutions is, in fact, highly consequential for both efficiency and fairness. Rawls’ neutrality is hard to sustain for a practical theory of justice.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2021
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