Market Justice vs Social Justice
Typology
Peter Radford,citing Wolfgang Streeck:
"Wolfgang Streeck gives us his own image of this separation, which has become significantly hardened in the years since World War II:
“Two competing principles of distribution were institutionalized in the political economy of postwar democratic capitalism: what I shall call market justice on the one hand and social justice on the other. By market justice, I mean distribution of the output of production according to the market evaluation of individual performance, expressed in relative prices; the yardstick for remuneration according to market justice is marginal productivity, the market value of the last unit of output under competitive conditions. Social justice, on the other hand, is determined by cultural norms and is based on status rather than contract. It follows collective ideas of fairness, correctness and reciprocity, concedes demands for minimum livelihood irrespective of economic performance or productivity, and recognizes civil and human rights to such things as health, social security, participation in the life of the community, employment protection and trade union organization”."