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Thursday, May 17, 2012

Five Pillars of Economic Freedom

There is much confusion today regarding the term "capitalism" and what exactly one means when using it. Some suggest it's a form of oppression where owners of capital are given government privileges against labor, others insist, (myself included) that it describes a society consisting of voluntary association and thus completely devoid of state interference. Is it possible for markets to regulate themselves, to increase wealth among the maximum number of people and even incentivize world peace? I believe so. The always insightful, Jeffrey Tucker explains.
If a term elucidates an idea with accuracy, great. If it causes confusion, change it. Language is constantly evolving. No particular arrangement of letters embeds an immutable meaning. And what is at stake in this debate about market freedom (or capitalism or laissez-faire or the free market) is a substance of profound importance. It’s the substance, not the words, we should care about. Civilization really does hang in the balance. Here are five core elements to this idea of market freedom, or whatever you want to call it. It is my short summary of the classical liberal vision of the free society and its functioning, which isn’t just about economics but the whole of life itself.
Read the rest here
Laissez Faire Books

Drew Martin, Blogger, THL Articles