Business As Defined by the Term Paper

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Robert Nozick's Entitlement Theory asserts that free market exchanges are manifestations of society's respect for people as equal -- an economic phenomenon that is given a moral dimension/explanation. This theory is hinged on three principles: transfer principle, acquisition principle, and rectification principle. The first principle holds the argument that all holdings or properties freely acquired from others are considered justly acquired. In the same vein of argument, the second principle posits that people are entitled to have holdings/properties, so long as they are acquired in a just manner. Lastly, an "injustice" committed can be rectified by giving the property back to its rightful owner (i.e., a property unjustly acquired can be corrected by returning it back to the original owner/first owner).

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John Rawls' theory of distributive justice contains within its argument the principles of liberty and difference. In his theory, Rawls argues that the principles of justice determine how the benefits and burdens of society are to be distributed among individuals in a fair manner -- that is, justice is fairness. Using his principles, Rawls described liberty and difference manifest justice as fairness: liberty principle argues that basic rights and liberties should be as extensive as possible for each individual without infringing the rights and liberties of the other individual, while the difference principle posits that no advantage can morally exist if it does not benefit the most highly disadvantaged......

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