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Plato, 428/7-348/7 BC (B3)<br />Ancient Greek philosopher who was one of the first to discuss fundamental economic concepts, particularly in his Republic and Laws (Book V). He advocated a DfVISION OF LABOUR based on different natural abilities, discussed the role of money and advocated EXCHANGE CONTROLS and common property amongst the guardians of his ideal republic.<br /><em>See also:</em> Ancient Greeks; Aristotle
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key currency (E5, F3)<br />A major international medium of exchange. A country whose currency is in great demand because of being a key currency has the advantage of being able to finance its balance of payments deficits easily, as the USA has found since 1951.<br /><em>See also:</em> sterling area
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The view that justice is 'fairness' is based on two principles. Firstly, that each person is entitled to the most extensive amount of liberty compatible with the liberty of others. Secondly, that the arrangement of social and economic inequalities is such that they are reasonably expected to be to everyone's advantage and attached to positions and offices open to alL<br /><em>See also:</em> utilitarianism <br /><em>Reference</em><br />Daniels, N. (ed.) (1975) Critical Studies on Rawls' :4. Theory of Justice', Oxford: Basil BlackwelL
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