STUDY OF ECONOMIC AND SOCIAL JUSTICE

Economic justice is part of social justice. Social justice is the virtue that guides
us as we create the institutions that oraganize human interactions. In turns, when
social institutions are well-organized, they give us acess to what is good for us as
individuals and in our relationships with others. Social justice also places a
personal responsibility on each of us to work with others, at whatever level of the
“Common Good” we participte in, to design and improve our institutions as tools
for personal and social development. Economic justice encompasses the moral
principles that guide us in designing our economic institutions, and it affects
both individuals and the social order. These anstitutions define how each person
earns a living, engages in contracts, exchanges commodities and service with
others, and otherwise generates a self – sustaining material foundation for his or
her economic survival. The ultimate goal of economic justice is to enable each
individual to engage creatively in labor that is not limited by economics, such as
work of the mind and spirit.

As can be seen, there is a definite link between social and economic justice, as
well as a significant gap between industrialized and destitute countries. The
longer a country stays economically deprived, the more social eniquilitiy thrives
and prevails. The term “social and economic justice”, which refers to the
concepts of “distributive justice”, which refers to the elimination of economic
inequalities and the rectification of injustices coming from dealings or
transactions between enequal people in society. It entails more than reducing
inequalities through different taxation, debt relief or contractual relationship
regulations; it also entails the restoration of properties to those who have been
desprived of them through unconscionable bargains; this may also take the form
of forced wealth redistribution as a means of achieving a fair split of materials
resources among society’s members.

Social and economic justice have a long – standing and significatant relationship.
There are may different interpretations of social justice. According to the Oxford
Dictionary, the most common definitions is: “Justice in terms of the distribution
of wealth opportunities, and privileges within a society”. However, the definitions
that are most pertinent to poverty alleviation include : The concept that everyone
should have equal access to basic liberties and needs, and that inequalities
should be arranged to assist those who are deemed to be at bottom of society.
Modern economics revolves around the concept of distributing capital and labor
in such a way that everyone is better off. Therefore, economic justice is rooted in
the idea that an economy will be more successful if all market participants are
treated fairly. As such, the goal is to create opportunities for everyone to
potentially thrive and prosper, with justice working in lockstep with that concept.
Economic justice can be applied in many different forms. For example, it can be
used to address wage gaps and the exploitations of workers. An example is a
worker who is in a position of work in which they are not able to fully utilize their
skills given their situation. The aim of modern economics is to distribute wealth
and labor in such a way that everyone benefits. As a result, economic justice is
based on the belief that a succesful economy is one in which all market
participants are treated equitably. As a result, the goal is to provide opportunity
for everyone to develop and succeed, with justice working in tandem with that
purpose. Economic justice can be implemented in a variety of ways. It can be
used to address wage disparities and worker exploitation, for examples. A worker
in a positions where they are unable to fully utilize their skills due to their
circumstances is an example. A theory of nondiscriminatory and impartial
relations between an indivial and society is known as social justice. It is
determined by visible but unwritten terms for income distribution, personal
activity options,and social privileges. As one simple example, income inequality
is a key issue that falls under the social justice umbrella. Income inequality (the
difference between the rich and everyone else) has been rising for the past thirty
years, according to the data. Fairness and equity are promoted through social
justice in many facets of society. It encourages equitable economic, educational,
and workplace opportunities, for example. It’s also critical to people’s and
communities’ safety and security.

Submitted By : Delicano, Abegail