Libertarianism is a political theory, which determines economic justice considerations that are favorable to all people in society. Thoughts of the libertarians are essential due to their belief in the principle of free will and social order. The theory is founded on the importance of rights, liberty, and the role of the government in protecting the state. As a result, libertarians advocate for independence and freedom, sense of justice, right to property, and defense against exploitation caused by the free market through attempts to keep, acquire, and to exchange individual holdings, making it the most positive contemplation of economic justice in society.
The theory of libertarianism provides people with genuine freedom, which enables them to make undetermined decisions, even though external factors can determine this behavior. In line with this, freedom is defined by an invariable influence of individual’s free will. Genuine freedom is independent of choices or external constraints, such as background, heredity, and education. The theory allows individuals to act according to their ability, wishes, and nature.
The libertarianism philosophy advocates the sense of justice because it is concerned with moral duties. Impersonal duties, as well as those which owe to the self, are not addressed. The theory of libertarianism does not relate to duties, which are non-compliant, impermissible, and difficult to rectify. In line with this, it gives people justice in all senses. In the modern world, it is hard to find justice as compared to earlier historical days. Libertarians argue that people are determinants of justice because they can affirm how they are treated, and whether their rights and possessions are respected. Thus, the theory of libertarianism does not focus on processes, which lead to social results. In other words, justice is achieved through the principle of transfer, acquisition, and rectification of violations.
Through the theory of libertarianism, individuals have the right to property that has been obtained fairly. It asserts that people can access or keep their possessions without harming and violating the rights of others, or defrauding them. They have the right to grab world’s natural resources. The concept that property belongs to anyone is a right to possession, as depicted by libertarians. Firstly, the theory favors economic justice because people are entitled to hold land after its acquisition. Secondly, a person can be allowed to possess property after acquiring its transfer from other individual entitled to its holding. Third, individuals cannot hold property following repeated applications.
The libertarian principle provides economic justice when it defends people from taxation and exploitation by the free market. Nozick, a founder of the libertarian theory, acknowledges that taxation is a form of theft because it violates individual’s right to property. Libertarians affirm that the public service takes away individual property without permission; thus, taxation is noted to be illegitimate. As a result, funds obtained through taxation can be used to provide food or education to the poor. Nozick notes that the issue of taxes can mean that everyone is entitled to the money of other people. The theory is based on economic justice because it assumes that people have the right to spend their money as they wish if it has been obtained justly.
In conclusion, libertarianism is a political theory, which provides the most favorable consideration of economic justice to people. According to it, libertarians advocate for the sense of justice, independence and freedom, and the right to property, as well as providing arguments on exploitation caused by the free market. In short, the theory fights for the rights of individuals by creating social order in society.
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