Economic Freedom: Foundations of Free Enterprise

As an American, we enjoy a lot of freedom. Freedom of speech, freedom of religion, freedom of press comes to mind first. Though it is not well known, it is the concept of 'economic freedom' which is equally important. In a free enterprise system, we can freely cooperate with each other pursuing our own independent interests.

Economic freedom is important to us both as a businessman and as a consumer. In a purely free enterprise system, employers can enjoy the following privileges:

We should remember that these rights do not include guarantees of success. The franchisee have the right to manufacture a wagon whip and charge an arbitrary price. However, as consumers can also exercise their economic freedom, there is no guarantee that someone will purchase from him.

Freedom of personal choice is equally important. Everyone has the right to make the following decisions.

4. The right to use your resources in the way you desire is consistent with the rights of others.

These rights do not include any warranty. We have the right to serve carpenters, but no one is forced to hire us.

We discuss the economic freedom of companies and individuals separately, but they are closely related to each other. In the case that a company is a private company, freedom to interfere with a company (enterprise) is actually interference with individual freedom. Then I saw an important difference between the terms private sector and free enterprise. Private enterprise systems are not necessarily free. However, free enterprise systems are both private and free.

Of course we must recognize that comprehensive economic freedom can never be achieved. The right to use a person must be bound by the rights of others. As we will see later, the economic freedom of a company is constrained by competition with other producers.

Economic freedom makes it possible to pursue our own interests, so it is an important part of the free enterprise system. This encourages us to work more efficiently. And, as mentioned above, productivity creates a bigger pie, which brings us a high standard of living.

Economic freedom leads to personal freedom. When individuals gain power under a free corporate system, they have the opportunity to succeed based on their own efforts and possibilities. This is why free companies promote independence, motivation, dignity, and happiness. It motivates people to bring out their possibilities, to do more to themselves and their families, and to provide services for themselves and their families. Economic freedom extends prosperity. When employers and entrepreneurs succeed, they share these wealth indirectly by expanding opportunities and creating jobs for others. Companies donate billions of dollars annually to charitable organizations, provide retirement benefits and health insurance, provide critical assistance in the event of a disaster, and generate the necessary economic growth to support the government

As an American, we enjoy a lot of freedom. Freedom of speech, freedom of religion, freedom of press comes to mind first. Though it is not well known, it is the concept of 'economic freedom' which is equally important. In a free enterprise system, we can freely cooperate with each other pursuing our own independent interests. We discuss the economic freedom of companies and individuals separately, but they are closely related to each other. In the case that a company is a private company, freedom to interfere with a company (enterprise) is actually interference with individual freedom. Then I saw an important difference between the terms private sector and free enterprise. Private enterprise systems are not necessarily free. However, free enterprise systems are both private and free.