A Cheatsheet from a Pro-Market Perspective: Principles, Benefits, and Leading Advocates.
The social system based on the principle of individual rights and private property, in which all property is privately owned.
The absolute right to own, use, and dispose of property is the cornerstone of economic freedom.
Markets and prices form a decentralized information system coordinating economic activity.
Producer rivalry drives innovation, quality, and value for consumers.
Profit and loss signals allocate capital and guide entrepreneurs.
Consumers and producers shape the market through voluntary decisions.
Capitalism is the most effective system for wealth creation and poverty reduction.
Economic freedom fosters experimentation and progress.
The state exists solely to protect rights, not to manage the economy.
Countering common objections:
Key thinkers and institutions:
A rights-based system harnessing self-interest through voluntary exchange and competition.