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Rethinking a New Conceptual Relation Between Economic Justice, Democracy, and liberal system: An economic point of view

Issaoui, Fakhri and El Montasser, Ghassen (2013): Rethinking a New Conceptual Relation Between Economic Justice, Democracy, and liberal system: An economic point of view.

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Abstract

Liberals and libertarians believe that justice is deeply embodied in liberalism. The famous physiocratic maxim "let them do business, let people and goods move: the world works by itself" relegated to second place some virtues such as justice and equity by considering them as mechanical outputs produced by market mechanisms. The invisible hand of Adam Smith is so benevolent that it inherently purifies various actions of the market. However, reality does not often look forward to these considerations often qualified as ideal. The market is not fair and Pareto optimality is still running even if an individual walks away from the rich to the detriment of another. A rereading of justice by Rawls empowered liberalism to return to normality long sought and rarely approved. However, at the level of political governance, justice is far from being installed whenever democracy casts away almost all individuals (people) and supports a few to govern. This latter, hypothetically unable to personify and care for individuals, is forced to crush individual preferences by directing them to an unknown preference qualified as the people's preference. The aim of this paper is to study this issue by emphasizing the obligation of reviewing democracy so that it serves best the values of liberalism and justice.

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