Economic Freedom (definition)
Economic Freedom is the primary ingredient of a society that prospers. Under economic freedom individual property is respected, the rule of law is clear and stable, there is a sound and stable money supply and people can easily engage in voluntary commerce. The fundamental role of the government is to prevent fraud, theft, and to protect individuals from crime and violence.
What DOES NOT happen in an economically free society?
Government does not overburden people with regulations that prevent the creation and growth of businesses and jobs.
Government does not favor any one business in particular. Therefore, no business has an unfair advantage when competing. Businesses success depends on their ability to satisfy their customers.
Who prospers in a system of economic freedom?
Individuals with much ingenuity and hard work are capable of creating a valuable product or service for society.
Who decides what products and services are valuable in a system of economic freedom?
Each consumer when buying (or not buying) a product or service decides what is valuable (and what is not). A product or service is valuable for society if it can attract enough customers willing to pay a price that generates profits for the business owner. Every transaction is voluntary.
Why is it morally correct to promote a system of economic freedom?
Overall, the American model of economic freedom makes the poor richer, not the rich poorer. While generating prosperity to exceedingly more people than any other economic system. America’s free market system is the most moral of systems simple because countless individuals meet their needs by meeting the needs of others
Conclusion – It is not easy, but it is fair
The system of economic freedom is not perfect, but it has proven to be the fairest and best system to generate real growth, real economic opportunities and real prosperity. It doesn’t guarantee success to anyone but incentivizes innovation, planning ahead, and hard work. It rewards those who are able to serve others by producing something their consumers value. Hence, more valuable products and services of value are created, the economy grows and, finally, more individuals in society prosper