This article introduces and discusses a conceptual theory of educational equity based on the interplay of the three dimensions of justice (redistribution, recognition, and representation) identified by Nancy Fraser to capture how the acceleration of globalization processes affects the understanding and enactment of equity in education and society. Here, Fraser’s three dimensions of justice are used as an analytical tool to develop a theoretical framework for studies of equity in education and to illustrate the interplay of the three central resources for equity: financial and knowledge resources, teacher and instruction qualities, and students. In the article, it is argued that we argue that the likelihood of success of policy measures to achieve equity is favored by the insights on the interplay of these dimensions, which are perceived as complementary rather than in opposition. A lack of understanding of the interplay risks equity in education being impacted negatively.