Distributive Justice Vs The Need For Reciprocity Essay

Length: 2 pages Sources: 2 Subject: Economics Type: Essay Paper: #24062206 Related Topics: Social Justice, Justice, Debt, Risk
Excerpt from Essay :

Debt Discharge

According to Zywicki (2000) rampant personal bankruptcy frays the social moral order and undermines reciprocity. Throughout history a debtor who failed to repay a debt was generally regarded as a fraud or a thief; debtors prisons existed for that reason; it was unthinkable that a loan should not be repaid. However, today, personal bankruptcy laws like the federal Bankruptcy Act protect borrowers by providing immunity from creditors. The borrower who defaults will see his credit rating decline to the point where it is nearly impossible for him to get another loan, but he is not held responsible for paying back his creditors. There is a social cost to this, as Zywicki (2000) points out: bankruptcy laws that provide defaulters with immunity undermine the market economy, democracy, and healthy institutions that rely on reciprocity. In short, personal bankruptcy and immunity from prosecution erodes social trust. The ability of a person or institution to repay debts, as agreed upon between the borrower and the lender, has a salutary effect on social relations (Zywicki, 2000, p. 8). Without that salutary effect, democracy itself is threatened, according to Zywicki (2000).

Yet, as Miles (1995) argues, the real virtue that holds society together is mercynot reciprocity. Mercy shown towards individuals who fail to repay their debts is important to social justice. When the less…economic matters, but they should not be if one is interested in promoting a sense of distributive justice. In earlier days when debtors prisons loomed, the harshness of the law was condemned by people calling for social justice and reform. The Bankruptcy Act may be seen as an outgrowth of that reform. To view it as a step backwards or as a roadblock to social development is to forget that taking punitive measures against those who fail to repay debts often led to massive suffering and economic inequality on a large scale. As Miles (1995) points out, modern bankruptcy laws limited the injustices of the old bankruptcy laws in several ways…

Sources Used in Documents:

References

Miles, V. V. (1995). Assessing Modern Bankruptcy Law: an example of justice. SantaClara L. Rev., 36, 1025.

Zywicki, T. J. (2000). Bankruptcy law as social legislation. Tex. Rev. L. & Pol., 5, 393.


Cite this Document:

"Distributive Justice Vs The Need For Reciprocity" (2021, September 07) Retrieved January 21, 2022, from
https://www.paperdue.com/essay/distributive-justice-vs-need-reciprocity-essay-2176602

"Distributive Justice Vs The Need For Reciprocity" 07 September 2021. Web.21 January. 2022. <
https://www.paperdue.com/essay/distributive-justice-vs-need-reciprocity-essay-2176602>

"Distributive Justice Vs The Need For Reciprocity", 07 September 2021, Accessed.21 January. 2022,
https://www.paperdue.com/essay/distributive-justice-vs-need-reciprocity-essay-2176602

Related Documents
Distributive Justice and Accounting Practice: Every Society
Words: 1646 Length: 5 Pages Topic: Economics Paper #: 42258872

Distributive Justice and Accounting Practice: Every society has an economic framework governed by laws, policies, and institutions that contribute to distinctive distributions of economic incentives and burdens among the members of the society. The economic frameworks are usually brought by human political processes and they usually change across societies and within societies over time. Economic frameworks play an important role in the society because their structures significantly influence the economic distributions,

Distributive Justice: Should Todd Krampitz
Words: 916 Length: 2 Pages Topic: Communication - Journalism Paper #: 93880967

While no one ought to begrudge Mickey Mantle (or anyone) a much-needed liver transplant, it remains hard to believe, given the speed at which Mickey Mantle received a liver and an operation that he was indeed placed on a list and then waited his turn like everyone else. Further, according to Koch (March 1996)Normative and prescriptive criteria: The efficacy of organ transplantation allocation protocols (March 1996): well publicized cases have raised

Distributive Justice
Words: 1606 Length: 5 Pages Topic: Government Paper #: 73600223

Political action in representative republics has been defined over the course of the last several hundred years by the interpretation of classical and enlightenment principles. Among them are liberty, equality, and justice. These principles, deemed "humanistic" in that they recognize inalienable human rights, are deistic in origin, although their implementation has also relied on contractarian and consequentialist rhetoric. Distributive Justice is the belief that it is within the government's purvue

Socio-Economic System: The Distributive Justice
Words: 1284 Length: 4 Pages Topic: Sociology Paper #: 40525642

Rawls is not against equality but he assumes that most socio-economic systems will allow for some inequities, and thus outlines his second principle to deal with those inequities. In this system, the state is powerful enough to provide security for its people on a basic level, but also strives to ensure that no class in society becomes so marginalized and disenfranchised economically that it becomes impossible for any person

Justice in Society
Words: 870 Length: 2 Pages Topic: Economics Paper #: 74393946

Justice in Society What does justice in society really mean? "It's not fair." One of the first phrases every child articulates clearly relates to a kind of a rough philosophy of justice. This sentiment reflects the idea that because people are not being treated 'the same' the world is unjust. A child may regard the fact that older siblings get to go to bed later as unfair. However, as rough and crude