Question

What is economic justice?

Hint:

Remember that the Preamble to the Indian Constitution seeks to secure for all its citizens: Justice, social, {economic} and political. This shows the fundamental importance given to economic justice in the Indian constitutional framework.

Answer 1

Step 1: Key Concept:
Economic justice is a component of social justice which aims to create economic opportunities for all individuals and to reduce and prevent vast inequalities in wealth and income. It is based on the principle that all members of society should have an equal chance to achieve economic well-being.
Step 2: Detailed Explanation:
The concept of economic justice involves:
1. Non-discrimination: It implies the absence of discrimination between man and man on the basis of economic factors. It stands for the idea that there should be no discrimination between people on grounds of wealth, property, or income.
2. Equitable Distribution of Wealth: It seeks to ensure that wealth and resources are distributed in a manner that is fair and just, and that the concentration of wealth in the hands of a few is prevented.
3. Equality of Opportunity: It means providing equal opportunities to all citizens to earn a livelihood and to develop their potential, regardless of their economic background.
In the Indian Constitution, the ideal of economic justice is enshrined in the Preamble and is further elaborated in the Directive Principles of State Policy (Part IV). For example, Article 39 directs the state to secure that the ownership and control of material resources are so distributed as best to subserve the common good.