Definition: The free market economy.

Overview: Economic freedom and the free market economy – AKA capitalism AKA the free enterprise system – is the voluntary cooperation of buyers and sellers in the competitive marketplace free from government interference. Economics in general and the free market in particular is a greatly misunderstood, not taught much in schools nor understood in our popular culture or institutions. The free market economy is FREEDOM IN ACTION.

Recommended reading: Milton Friedman, Capitalism and Freedom; Adam Smith, The Wealth of Nations.

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