Free Market Is The Essence Of Both Liberty And Justice In An Ethical Society.

The next principle, Principle Eight, pertains to the free market and it is pivotal since the free market is the very essence and embodiment of both liberty and justice in an ethical society. Stated: “Commerce, technology, and science are desirable, liberating forces that are capable of alleviating historic ills, improving the quality of human life, and morally elevating human beings. The complete freedom of trade, innovation, and thought should be preserved and supported for all human beings in the world.” With this in mind, “The market steers the capitalistic economy. It directs each individual’s activities into those channels in which he best serves the wants of his fellow-men. The market alone puts the whole social system of private ownership of the means of production and free enterprise in order and provides it with sense and meaning.” [70]

Liberty & Justice of Economic Equilibrium, pp. 51-2.

[70] Ludwig von Mises, Planning for Freedom and twelve other essays and addresses, Memorial Edition, (Libertarian Press, 1974), p. 72.

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