Free Market Fairness, John Tomasi, Princeton University Press, Pp 348 (HB), $35.00
Dr R Balashankar
THE economic downturn has shaken the American society in such a way that the economists are coming up new ideas, theories and solutions to avert a future meltdown. Market democracy is one such philosophy. John Tomasi in Free Market Fairness says, “Market democracy combines the four ideas (1) capitalistic economic freedom as vital aspects of liberty, (2) society as a spontaneous order, (3) just and legitimate political institutions as acceptable to all who make their lives among them, (4) social justice as the ultimate standard of political evaluation.”
Tomasi says market democracy affirms a humanitarian interpretation of social justice rather than an egalitarian one. “The basic rights of all citizens in place, social institutions should be designed so that the members of the poorest class personally control the largest possible bundle of goods (say, wealth and income). Anyone committed to an egalitarian interpretation of social justice will be unhappy with market democracy.”
Liberal western democracies, with capitalism have delivered an important result — economic growth. As The Times of London pointed out, “Today’s supermarket customers eat considerably better than the Queen ate 50 years ago.” This is obviously in contrast with the other system of autocratic communist states which failed miserably in that count.
Tomasi in the eight chapters of his book discusses an intellectual history of liberalism, market democracy in all its variants, and the concept of free market fairness, which is the title of the book. Free market fairness emphasizes on the individual’s (private) economic liberty, limited government or deliberative democracy. “Social and economic institutions must be arranged that way, according to market democracy, as a requirement of liberal justice.”
Tomasi says he believes in “American” vision of social life. It gives shape to the two philosophical ideas I mentioned earlier: the idea of private economic freedom and the idea of society as a spontaneous order. I am drawn to the libertarian tradition, and to many libertarians, for all these reasons.”
Market democracy is a fresh idea that needs to be explored. John Tomasi is professor of Political Science at Brown University and founder of Brown’s Political Theory Project.
(Princeton University Press, 41, William Street, Princeton, New Jersey 08540)
