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Student’s Name

Tutor’s Name

Course

Institution

Date of Submission

Equality of Opportunity

1. Brief explanation of each strategy for justifying markets as identified by Amartya Sen.

The Regulation Theory: Sen argues that it is the role of the government and other institutions

to improve social justice. The theory emphasizes the position that the authorities play in

reforming the globalized finance which is part of modern capitalism. The public spending should

not be cut indiscriminately to reduce budget deficits as this would obstruct justice. Indiscriminate

cutting of public spending counter attacks the productive strategy of the enterprises. Therefore,

there is mutual dependence between the state and the market.

Public deliberation and democratic decision-making justify markets. If the state makes

financial decisions without including a debate from the public, then the policies fail to uphold

social justice. Public participation in matters concerning the financial state of the nation is

fundamental for a just market.

Moral theory of justified social inequality: Justification of any individual’s perception of

equality of opportunity is sought by examining justification of theory of justice in which the

individual plays a part.

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Theory of justice: Justice is practiced when there are lexical priority relations. Principles that

demand for equal basic rights are prioritized. Such basic rights include freedom of speech and

fair equality of opportunity for all.

2. The core requirements of ideal of "Formal Equality of Opportunity."

The idea of "Formal Equality of Opportunity" requires that formal rules should exclude no

individual from working towards and attaining specific goals by referring to their characteristics

such as gender, sexuality, religion, race, and socio-economic class. "Formal Equality of

Opportunity" also forbids reference to proper names in formal rules. The ideal prohibits

governments that refer to an individual as a subject of certain advantages or disadvantages.

3. Nozick's libertarian critique of "Formal Equality of Opportunity."

Justice is practiced when each respects every other person's Lockean rights. One Lockean

right is equal to whatever that a person wills to do so long as it is legitimate and does not

interfere with another person's well-being. Therefore, justice is practiced by avoiding instances

such as theft, fraud, extortion, assault, and breach of contract among others. According to

Nozick, individuals are excluded from the Equality of Opportunity norms.

4. Perlstein's "Five Myths of Capitalism" critique.

a) "Greed, a natural human instinct, makes markets work."

b) "Corporations must be run to maximize value for shareholders."

c) "Workers' pay is an objective measure of economic contribution."

d) "Equality of opportunity is all people need to climb the economic ladder."

e) "Making the economy fairer will make it smaller and less prosperous."