Value, virtue and justice

Bill Jordan

in Why the Third Way failed

Published by Policy Press

Published in print October 2010 | ISBN: 9781847426567
Published online March 2012 | e-ISBN: 9781447304296 | DOI:
Value, virtue and justice

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This chapter examines how moral issues have been obscured rather than clarified by Third Way institutions and discourses, but how, in spite of this, underlying ethical questions emerge and demand debate. These include examples from the political, financial, and social spheres, in which the attempt to regulate in line with contract theory and the incentives facing self-interested and self-responsible individuals have failed to establish a viable order. The chapter argues that people first need to understand the role of institutions in fixing the type and scale of value at stake in any set of interactions between members, citizens, or strangers. Institutions such as property ownership, markets, tax-benefits systems or even religions, the armed services, and sports exist in order to provide ways in which the value attached to people, activities, and social units can be identified, produced, and distributed according to certain standards.

Keywords: moral issues; Third Way; contract theory; property ownership; markets; UK

Chapter.  8432 words. 

Subjects: Economic Sociology

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