Justice in the World Economy

Abstract

National governments, in directing their economies, are concerned not only with improving overall efficiency, and so securing a high level of national growth. Even if this can be achieved, they know it will not necessarily maximise the welfare of all their people. However high the rate of growth, some, perhaps without jobs or without bread-winners, may still be left in a state of destitution. In other words, they are concerned with a broader range of goals than efficiency alone. They are concerned with the fate of individuals as well as of the economy as a whole; with equity as well as with efficiency; and with relative standards of welfare as well as with absolute standards. For that reason they all seek, in varying degrees, through social services and the tax system, to bring about a reduction of inequalities among society’s members to a level that is generally acceptable.