How can laws ensure that markets work in a manner that is fair? Give two examples to support your answer.
Share with your friends
Call
Social justice involves end of exploitation of any person at the hand of another person. There are three important functionaries in a market, i.e. producer, consumer and worker. In a fair market none of the producer or consumer or worker should exploit the other. Let us take an example of a producer who may be promising high quality in its brand of chocolate. Let us assume that an independent agency tests the chocolate and finds some carcinogenic substance in the chocolate. This is a clear case of exploitation of consumer by the producer. As per the law of the land, the producer is liable for strict punishment for this offence.