Phil 231 long3.docx - Phil 230 For this long essay I will...

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Phil 230 4/5/16 For this long essay I will compare two things that I will have learned in class. One of the things I have decided to talk is the payday loan system and the other thing I have decided to talk about will be Sandel and his views on matters. My reasoning for picking both of these subjects that I have learned in class is rather simple to say the least, I am very familiar with both of these subjects so I thought it is a no brainer to choose both of these to write about because I am very well knowledgeable on both of them in my opinion. In addition, I find both of these subject very interesting to read as well as write about so that is also another reason why I picked the payday loan system and Sandel’s beliefs on matters. The way I am going to format this essay is by first, explaining the payday loan system and Sandel’s beliefs, then I will talk about my opinion on both the payday loan system and Sandel’s beliefs, then I will compare the two side by side, finally after that has been said and done I will say which one is better by my own personal belief. I will first start by talking about the payday loan system here in the United States. Let’s first we will look at payday loans through two extremes, the neoclassical and the neo-Marxian view. I will begin with the Neoclassical extreme first, they believe that payday loans do not exploit the recipients of the payday loan. They say “the loans are consensual and are taken place within a free competitive market” (Mayer201). They do believe thought that the payday loans have harsh terms which are the high interest and fees which reflect true cost of loans. In addition, they say there ignore the vast inequalities in wealth and conditions that pressure poor to take loans. For the neo-Marxian view the payday loans do exploit the recipients. They say that “asset inequality gives those with money power over those who without money” (Mayer201). They also believe that believe that wage laborers are exploited for profit by alienation labor and when wages are not enough. They add to that by saying that nothing is distinctive about payday loans and exploitation comes from capitalism, not specific practices within it. Mayer’s opinion on these two extremes is that ignoring conditions is a mistake since conditions create possibility of exploitation, payday loans are morally different, and they take advantage of particular vulnerability so the Neo-Marxian account overlooks this difference. The exploitation is used by most people when they
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