Characteristics of a Free Market

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What is a Free Market?  What are its distinct characteristics?  Here are the nine characteristics Dr. Lameiro’s uses to define a Free Market.

A Free Market is a free, cooperative and peaceful process.

In a Free Market, individuals are free to choose their own work.

In a Free Market, individuals are free to be investors.

In a Free Market, individuals are free to be entrepreneurs.

In a Free Market, individuals are free to create capital formation (the process of bringing together capital from savers and investors to invest in new businesses, products and services).

In a Free Market, individuals are free to earn profits.

In a Free Market, individuals are free to compete (to create faster, better and cheaper products and services).

In a Free Market, individuals are free to buy, earn, use and sell private property (without excessive government regulations).

In a Free Market, individuals are free to set prices (including wages and salaries – the prices paid for labor services).

A Free Market is a free, cooperative and peaceful process.  A Free Market does not require government-dictated centralized planning, control, coercion, and compulsion.  A Free Market does not require high taxation or excessive regulation to function effectively.  Indeed, a Free Market functions best with minimum government interference.

For more information related to the characteristics of a free market, you can also read Dr. Lameiro’s powerful and important book: America’s Economic War.