Principles of the Free Market (Draft Version)
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2) Limited Government: "Governments are instituted only to secure individual rights, deriving their just powers from the consent of the governed."
3) Equal Justice Under Law: "Government must treat everyone equally; neither rewarding failure nor punishing success."
4) Subsidiarity: "Government authority must reside at the lowest feasible level."
5) Spontaneous Order: "When individual rights are respected, unregulated competition will maximize economic benefit for society by providing the most goods and services possible at the lowest cost."
6) Property Rights: "Private ownership is the most efficient way to sustainably utilize resources."
7) The Golden Rule: "Deal with others honestly and require honesty in return."
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Many free market and political organizations have issued statements of principle. Everyone has a slightly different idea of exactly what are the principles of the free market. Some academic institutions consider free market principles as characteristics of the universe rather than principles to which we choose to adhere. The order in which they appear here is based roughly on the frequency with which these or similar principles are sited as necessary for functioning free markets.
Most statements of free market principles are more elaborate than these seven principles. We have attempted to reduce the principles of the free market to their minimal definition with scientific and legal precision.
These and similar principles form the foundations for the Declaration of Independence of the United States, the United States Constitution and many of it's amendments.
Here are some other opinions on economic principles for a free market:
Acton Institute Integrating Judeo-Christian Truths with Free Market Principles
Adam Smith's Principles as described by Helen Joyce
Atlas Economic Research Foundation Mission & Vision
Cato Institute Individual liberty, Free markets, and Peace
Corporate Finance Institute
What is a Free Market?
Federalist Society for Law and Public Policy Studies
Our Purpose
Foundation for Economic Education Tradition
Foundation for Research on Economics and the Environment Mission
Francisco de Vitoria and other Spanish Philosophers
understood free market principles over 400 years ago. - The Independent institute
Free Market Foundation of South Africa Free market principles are derived from experience - not ideology
Frontiers of Freedom Institute The Ten Tenets
Hamilton Abert Long Twelve Basic American Principles
Heritage Foundation About Us
Hillsdale College Economics 101: The Principles of Free Market Economics
Institute of Economic Affairs About the IEA
Mackinac Center for Public Policy Seven Principles of Sound Public Policy
The Muqaddimah by Abd Ar Rahman bin Muhammed ibn Khaldun
Toward the Laissez-Faire Republic The Essence of Liberty by David Nolan
Ludwig von Mises Institute About
The Mont Pelerin Society Statement of Aims
Nassim Nicholas Taleb Ten Principles for a Black Swan-robust world
Norbert Agbeko Principles of the Free Market
Vittana Advantages (and suggested disadvantages) of Free Markets by Louise Gaille
WikiAnswers What are the basic principles of a free market?