Do you think equality prevails in markets? Give reason for your answer.
Answers
Answer:
Equality of Opportunity
First published Tue Oct 8, 2002; substantive revision Wed Mar 25, 2015
Equality of opportunity is a political ideal that is opposed to caste hierarchy but not to hierarchy per se. The background assumption is that a society contains a hierarchy of more and less desirable, superior and inferior positions. Or there may be several such hierarchies. In a caste society, the assignment of individuals to places in the social hierarchy is fixed by birth. The child acquires the social status of his or her parents at least if their union is socially sanctioned. Social mobility may be possible in a caste society, but the process whereby one is admitted to a different level of the hierarchy is open only to some individuals depending on their initial ascriptive social status. In contrast, when equality of opportunity prevails, the assignment of individuals to places in the social hierarchy is determined by some form of competitive process, and all members of society are eligible to compete on equal terms. Different conceptions of equality of opportunity construe this idea of competing on equal terms variously.
1. Formal Equality of Opportunity
1.1 Being qualified for a competitive position.
1.2 Formal Equality of Opportunity and Market Freedom
1.3 Discrimination and Formal Equality of Opportunity
1.4 Discrimination and Derogation
2. Substantive Equality of Opportunity
2.1 Discrimination and Fair Equality of Opportunity
2.2 Democratic Equality of Fair Opportunity
2.3 Other Conceptions of Substantive Equality of Opportunity
2.4 Affirmative Action
3. Social Mobility and Equality of Opportunity
4. The Scope of Equality of Opportunity
5. Widening the Equal Opportunity Ideals
6. Legal Enforcement of Equality of Opportunity
6.1. Antidiscrimination Law: Disparate Treatment and Disparate Impact
7. The Level Playing Field Conception: Luck Egalitarianism
8. A Kantian Interpretation of Equality of Opportunity
9. Equality of Opportunity and Meritocracy
10. Justifications of Equality of Opportunity
11. Critiques
11.1 The Libertarian Critique: Robert Nozick's Version.
11.2 The Libertarian Critique: Richard Epstein's Version
11.3 Genetics and the Relevance of Equality of Opportunity
11.4 The Morality of Inclusion
11.5 Relational Equality
11.6 The Leveling-down Objection
11.7 The Fairness-to-the-Worse-Off Critique of FEO
12. Conclusion
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1. Formal Equality of Opportunity
Formal equality of opportunity requires that positions and posts that confer superior advantages should be open to all applicants. Applications are assessed on their merits, and the applicant deemed most qualified according to appropriate criteria is offered the position. Alternatively, applicants are winnowed by fair competition, and the winner or winners get the superior advantages.
Formal equality of opportunity might obtain in a variety of social settings. As defined here, this ideal does not presuppose that the production and distribution of goods and services are organized through a market economy with private ownership. For example, an autocratic society, in which economic life is organized by the commands of the autocrat, could satisfy equality of opportunity to this extent: the post of autocrat is open to all applicants, and selection is determined by the fitness of applicants for autocratic performance as indicated by the comparative merits of their applications. Moreover, the autocrat might organize economic life and distribute economic rewards by fair competitions. A communist society, in which poli
A market economy conforms to formal equality of opportunity only if jobs offered by business firms are publicized in advance, so that anyone who might want to apply has a reasonable opportunity to do so. In this setting formal equality of opportunity also requires that applications from anyone are accepted, applications are judged on their merits, and the most qualified according to criteria that are relevant to job performance are offered positions. (A variant practice in which only current employees of a firm are eligible to apply to higher-level jobs might be deemed to satisfy equal opportunity provided entry-level jobs in the firm are open to all applicants.) In addition, equal opportunity in a market setting requires that the lending of money for investment purposes by banks should proceed by accepting applications from any interested party and deciding who should get loans according to the expected profit of lending to one rather than another of the various applicants. Equality of opportunity also requires that the access of economic firms to investment and operating capital by borrowing money through sales of bonds and through sales of shares in the ownership of the enterprise (stocks) should occur through processes that give all firms and economic agents the same opportunities for gain.
Answer:
Equality of opportunity is a political ideal that is opposed to caste hierarchy but not to hierarchy per se. The background assumption is that a society contains a hierarchy of more and less desirable, superior and inferior positions. Or there may be several such hierarchies. In a caste society, the assignment of individuals to places in the social hierarchy is fixed by birth. The child acquires the social status of his or her parents at least if their union is socially sanctioned. Social mobility may be possible in a caste society, but the process whereby one is admitted to a different level of the hierarchy is open only to some individuals depending on their initial ascriptive social status. In contrast, when equality of opportunity prevails, the assignment of individuals to places in the social hierarchy is determined by some form of competitive process, and all members of society are eligible to compete on equal terms. Different conceptions of equality of opportunity construe this idea of competing on equal terms variously.
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