The philosophy of social justice insists that everyone should be provided with equal opportunities as far as the social, economic and political circles are concerned. It specifically states that no particular member of the society should be given undue advantages over others in social, political or economic aspects of life. All citizens of a country are considered to be equal, as far as the opportunities in these circles are concerned.
The word ‘should’ is important in that it is used to point out the fact that every human being must be given equal chances in the three aspects, and none should be considered superior to others.
Philosophy of unrestricted free market insists that the government must have doctrines that prohibit the use of fraud, undue force, contract breaching or theft. The most important rules concerning property should be included as stated in the paragraph below.
People should be free to use their property at their sole discretion and no rule should limit them using their private properties. They are entitled to transfer their private properties to other people. People are also prohibited from using undue force, theft or fraud to obtain other people’s properties. Citizens are also expected to stick to the terms of the contracts they willingly enter by means of signing.
As per the unrestricted free market philosophy, the forces of demand and supply should be left to control the price of a given commodity without human intervention. The price of a given commodity should decrease with increase in supply, and correspondingly increase with the decrease in supply as per the law of demand and supply.
The philosophy of a competitive free market insists that doctrines promoting free and fair competition should be put in place by the government. It argues that land and other properties should be widely distributed. Capital should be easily available to laborers as per this philosophy. Productive technology should be also made available without anybody claiming ownership for such a technology and its sole usage.
The greatest strengths of the philosophy of unrestricted free market is the fact that it encourages hard work among the citizens of a particular country as one has to fight to get the necessary resources for production.
The fact that price of a particular commodity is controlled by demand and supply forces is another strength as it encourages fairness in society, thus locking out the unnecessary rise of prices for particular commodities.
The greatest weakness of this philosophy is that it does not limit one as far as contracting is concerned and also people are free to use their properties in whichever manner they want, even if the use has negative impact on other members of society.
The greatest strengths of the philosophy of a competitive free market are as follows. It avoids long legal procedures involved in patenting technological ideas. It also avails resources to all members of society without discrimination. The weaknesses of this philosophy are as follows.
It encourages laziness as one does not have to work hard to get the necessary production resource. Another weakness is that two or more inventors can claim the ownership over one technology since no patenting is required.