Theory of Justice
Definition- In an ideal setting in which no one was aware of their social and personal characteristics and no one had a vested interest in the outcome (original state), people should be able to agree on general concepts of fairness for society. Every person in society has an equal right to the same liberties and inequalities must reasonably benefit all people.
Apply- A community can use Rawls’ two principles of justice when creating new contracts or systems. These principles are 1. Every person has access to extensive basic liberty that is compatible with other people having similar liberty, and 2. Any social or economic inequalities (ie having a group leader) are to be arranged in a way that is to everyone’s advantage and that these positions are open to all. These would be a core consideration for a group creating a governance structure.
Adapt- This theory could easily be applied to the financial world. Instead of focusing business for individual financial gain, the principles of justice could be applied to ensure that everyone is equally financially viable. Instead of working to gain value for the individual or shareholder, work to gain value for society at large.
Rawls, J. (2009). A theory of justice. Harvard university press.
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