Free Markets and Social Justice | Cass R. Sunstein

Free Markets and Social Justice | Cass R. Sunstein | A Good Read!

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Free Markets and S...

	Free Markets and Social Justice Cass R. Sunstein Oxford University Press, USA, 1999 - 416 pages average customer review:based on 2 reviews view larger image
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The newest work from one of the most preeminent voices writing in the legal/political arena today, this important book presents a new conception of the relationship between free markets and social justice. The work begins with foundations--the appropriate role of existing "preferences," the importance of social norms, the question whether human goods are commensurable, and issues of distributional equity. Continuing with rights, the work shows that markets have only a partial but instrumental role in the protection of rights. The book concludes with a discussion on regulation, developing approaches that would promote both economic and democratic goals, especially in the context of risks to life and health.
Free Markets and Social Justice develops seven basic themes during its discussion: the myth of laissez-faire; preference formation and social norms; the contextual character of choice; the importance of fair distribution; the diversity of human goods; how law can shape preferences; and the puzzles of human rationality. As the latest word from an internationally-renowned writer, this work will raise a number of important questions about economic analysis of law in its conventional form.

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Balanced analysis of markets

The author provides a balance between recognizing the value that is embodied in free markets and realizing that they are not an end in themselves. Rather, the author writes that markets are best evaluated on the basis not of some imagined inherent worth, but on the basis of their practical effects in real life. By taking the focus away from the theoretical premises of free markets and allowing criticism based on their practical effects on human life, while still recognizing the amazing good they are, the author strikes a balance between those who would turn to some form of a socialistic economic system in order to achieve greater social justice and those who believe that markets can do no wrong. The author is talented at creating new perspectives from which to view issues related to markets and social justice. In addition, he does an excellent job at making a case for legitimate (yet still limited) government involvement in markets by using arguments that most conservatives would agree with. From a theological perspective, however, the author tends at times to point to markets as the source of some social ills that actually have their source not in market mechanisms, but in the presence of sin and evil in the world. Overall, the book is an excellent and balanced analysis of free markets and their effects on social justice. It is not easy bedtime reading, however. Be prepared to take quite a bit of time chewing on the author's ideas.

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A Good Read!

Cass R. Sunstein's book is a serious piece of scholarship about very engaging legal and social issues concerning economics and law. The book derives both strengths and weaknesses from its beginnings as a series of lectures presented from 1990 to 1995. Each chapter presents a thoughtful thesis, but not all chapters link together in a clearly understandable manner. However, a reader who is prepared to put in the required effort, will gain a wealth of thought-provoking material. We at getAbstract recommend this book to anyone who misses pure intellectual challenge. Lawyers, policy makers, and economists are most likely to appreciate it.

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