How can laws ensure that markets work in a manner that is fair? Give two examples to support your answer.

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asked Jan 20, 2018 in Civics by Ankit Agarwal (28,847 points) 7 31 67

How can laws ensure that markets work in a manner that is fair? Give two examples to support your answer.

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answered Jan 20, 2018 by Ankit Agarwal (28,847 points) 7 31 67
 
Best answer

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.

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