EBOOK Fairness in Practice:A Social Contract for a Global Economy

If the global economy seems unfair, how should we understand what a fair global        economy would be? What ideas of fairness, if any, apply, and what significance do        they have for policy and law?Working within the social contract tradition, this book        argues that fairness is best seen as a kind of equity in practice. The global        economy as we know it is organized by an international social practice in which        countries mutually rely upon common markets. This practice generates shared        responsibilities of "e;structural equity,"e; independently of humanitarian, human        rights, or other justice concerns, for how benefits and burdens are distributed        across different societies and their social classes.Equity in the practice of trade        requires not only compensation of people harmed by their exposure to global economic        forces, but also equal division of the "e;gains of trade,"e; across and within        societies, unless still greater gains flow to developing countries. Fairness        therefore calls for strong social insurance schemes, international capital controls,        policy flexibility for developing countries, and more-all as the "e;fair price"e; of        free trade.