Question

explain the role of markets in democracy.​

Answer 1

Answer:

Market Democracy: A Brief Sketch

Before criticizing Tomasi's model society, we ought to get the lay of the land. Market democracy's “central moral claim” is “that thick economic liberties are among the basic rights of liberal citizens” (121). The freedom to run a business, to negotiate a contract, to invest in retirement (or not)—these economic freedoms are just as important, according to market democracy, as fundamental civil and political freedoms such as the right to vote or freedom of conscience. All of these liberties must be protected against incursion: this, according to market democracy, is the highest priority of justice.

Which is not to say that it is the only priority of justice. Market democracy emphasizes social justice in addition to freedom. By “social justice,” Tomasi means the general requirement that society should benefit everyone, not just those at the top. But this general requirement can be unpacked in different ways. Importantly, Tomasi opts for a demanding Rawlsian interpretation of the requirements of social justice. He accepts both parts of Rawls's second principle of justice, according to which “social and economic inequalities are to satisfy two conditions”: first, “they are to be attached to offices and positions open to all under conditions of fair equality of opportunity”; second, “they are to be to the greatest benefit of the least advantaged members of society” (Rawls 2001, 43). Social justice, on Tomasi's preferred interpretation, means maximizing the income floor as well as spreading opportunity fairly.