Abstract
Economic justice is the expression of the effective distribution of economic goods. This could be realized through judicial mechanisms. Effective judicial systems are the platform on which economic justice can be actualized. There is a positive connection between economic justice and an effective judicial system, and this is usually measured by the rule of law and the level of its regard. The paper argued that one of the established dysfunctional characteristics of developing nations is the failure of their judicial system to deliver economic justice and the inability of the state to coordinate the integrity of its institutions. This paper employed a qualitative approach in its exploration of the issues. It engaged content analysis in the processing of the arguments it advanced. The paper argued that the resolution of economic justice and other institutional considerations could help in economic growth, especially in Nigeria. The paper concluded by suggesting that judicial structure must be strengthened in order to derive the capacity needed to realize economic justice in Nigeria.
Highlights
Economic justice could be said to be the elements of fairness when good official decisions engage equitable allocation of advantages amongst actors within an economic system
One of the adverse concerns of the judicial structure of developing African states is the inability to express and secure the rights to property. It is common practice in bottom billion states for government officials to hide behind the law to extort multinational corporations or such transnational businesses that are domiciled in their country. (Meschi, 2009) As the judicial structure of bottom billion states have their powers absorbed by institutional decadence and compromised law enforcement mechanisms, economic justice becomes only a thing granted by force
The Supreme Court's judicial precedents have a very powerful effect in its influence on the judgments of lower courts, and what this means, is that the Supreme Court is powerful enough to revolutionize the judicial structure in Nigeria, it chooses to follow and age-long mechanistic tradition of interpretation which does not allow for teleological reasoning that could achieve the economic justice that is much needed in the Nigerian social strata
Summary
Economic justice could be said to be the elements of fairness when good official decisions engage equitable allocation of advantages amongst actors within an economic system. The extent of economic justice that is available within a state's institutional structure shows the commitment to the realization of social and economic rights. (Meschi, 2009) As the judicial structure of bottom billion states have their powers absorbed by institutional decadence and compromised law enforcement mechanisms, economic justice becomes only a thing granted by force.
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