Chapter

Justice and the Trading Order

Garrett Barden and Tim Murphy

in Law and Justice in Community

Published in print August 2010 | ISBN: 9780199592685
Published online January 2011 | e-ISBN: 9780191595653 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199592685.003.0005
Justice and the Trading Order

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Reciprocal justice — justice in exchange — is the justice proper to the trading order in which people make their livelihoods in a market society. This chapter concentrates on the analysis of that justice, but also discusses the relationship between the reciprocal justice proper to trading and justice in the political and social orders. It suggests that because the function of a trading order is to facilitate the reassignment of ownership through mutually agreed exchange, the justice within the trading order is not, and cannot be, concerned with the overall outcome at any given time of the assignment of participants' resources. The chapter also examines the complementary roles of nature and convention in reciprocal justice, the elements of exchange, the lex mercatoria or ‘law merchant’, the relation between reciprocal justice and entitlements in the trading order; and the roles of choice, morality, and rationality the trading order.

Keywords: reciprocal justice; justice in exchange; trading order; market society; reassignment of ownership; elements of exchange; lex mercatoria; law merchant; economic morality

Chapter.  23814 words. 

Subjects: Jurisprudence and Philosophy of Law

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