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JURNAL EKONOMI DAN BISNIS AIRLANGGA

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Vol. 2 / No. 2 / Published : 2006-08

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Original Article :

The moral legitimacy of free marketadam smith vs john rawls

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      Abstract :

      Economists and other intellectuals have debated for centuries for the merits of free trade and free market as an economic policy. Irwin (1996) wrote, “…that the proposition that freedom of trade is on the whole economically more beneficial than protection, is one of the most fundamental propositions economic theory has to offer for the guidance of economic policy". However, there are questions fairness and validity in the distribution of resources and that free market is a just economic system.Adam's smith theory of morality and justice is presented and analyzed in relation to his argument that free market is a just economic system. This paper will then provide critique on the morality argument for free market. John Rawls' theory of justice will be used as a basis for criticizing the argument that the free market is a just economic system.

      Keyword :

      Free Market, Capitalism, Theory of Justice, Morality,


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