Search Results - Economic freedom
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Economic freedom
Philosophical freedom
Political freedom
LibertyOne of the prerequisites for economic freedom is the rule of law. Basically, the rule of law means that the government must be ruled by the law and subject to it.[6] The rule of law requires existence of widely shared cultural values and ethical norms, because the state, or people in power, in the absence of a widespread social consensus about what is just can violate the rights of citizens, sometimes by turning one group against the other. In such conditions government can issue arbitrary and inconsistent decrees that dissimulate individuals by creating uncertainty about consequences of their actions. However, the certainty of law does not mean absence of any change but absence of perpetual and unpredictable changes in laws. Absence of such changes is highly important for the efficient running of a free society and economic coordination. For example, prominent economist and political philosopher Friedrich Hayek had argued that the certainty of law contributed to the prosperity of the West more that any other single factor. Other important principles of the rule of law are the generality and equality of the law, which require that all legal rules apply equally to everybody. These principles can be seen as safeguards against severe restrictions on liberty, because they require that all laws equally apply to those people who have political and coercive power and to those who are governed. Principles of the generality and equality of the law exclude special privileges and arbitrary application of law, i.e. favoring one group at the expense of other citizens.[7] According to Friedrich Hayek, equality before the law is incompatible with any activity of the government aiming to achieve the material equality of different people. He asserts that a state's attempt to place people in the same (or similar) material position leads to an unequal treatment of individuals and to a compulsory redistribution of income.[8] Both of those actions are contributing to a decline in economic freedom. Secure system of private property rights is an essential part of economic freedom. That system is represented by two main rights, the right to control and benefit from property and the right to transfer property by voluntary means. These rights offer people the possibility of autonomy and self-determination according to theirs personal values and goals.[10] Milton Friedman sees property rights as "the most basic of human rights and an essential foundation for other human rights."[11] With property rights protected, people are free to choose the use of their property, earn on it, and transfer it to anyone else, as long as they do it on a voluntary basis and do not resort to force, fraud or theft. In such conditions most people can achieve much greater personal freedom and development than under a regime of government coercion. Secure system of property rights also reduces uncertainty and encourages investments, creating favorable conditions for economy to be successful.[12] Empirical evidence suggests that countries with strong property rights systems have economic growth rates almost twice as high as those of countries with weak property rights system, and that a market system with significant private property rights is an essential, although not only, condition for democracy.[13] According to Hernando De Soto, much of the poverty in the Third World countries is caused by the lack of Western systems of laws and well-defined and universally recognized property rights. De Soto argues that because of the legal barriers poor people in those countries can not utilize their assets to produce more wealth.[14] Freedom of contract is the right to choose one's contracting parties and to trade with them on any terms and conditions one sees fit. Contracts permit individuals to create their own enforceable legal rules, adapted to their unique situations.[15] Parties decide whether contracts are profitable or fair, but once a contract is made they are obliged to fulfill its terms, even if they are going to sustain losses by doing so. Through making binding promises people are free to pursue their own interest. Main economic function of contracts is to provide transferability of property rights. Transferability largely depends on the enforceability of contracts, which is enabled by the judicial system. In Western societies the state does not enforce all types of contracts, and in some cases it intervenes by prohibiting certain arrangements, even if they are made between willing parties. However, not all contracts need to be enforced by the state. For example, in the United States there is a large number of third-party arbitration tribunals which resolve disputes under private commercial law.[16] Negatively understood, freedom of contract is freedom from government interference and from imposed value judgments of fairness. Notion of 'freedom of contract' was given one of its most famous legal expression in 1875 by Sir George Jessel MR[17]
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Showing 1 to 14 of 14 Articles matching 'Economic freedom' in related articles. |
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1. Loans for Tenant:Get funds without pledging anything
August 10, 2008
The advent of tenant loans has provided a new let out of life for the tenants, who in particular had a rough time obtaining funds due to their incapability to vow any asset. But with these loans, tenants get the desired finances without the need of pledging any collateral. By opting for tenant loans, the tenants in particular can now enjoy their economic freedom.
tenant loans are quite similar to unsecured loans and are without any collateral pledging. The amount obtained under these loans can be used to meet personal or profession needs like purchasing a car, meeting expenses on educat... (read more)
Author: Precious Almas
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2. 5 Factors Catapult Online Money Making!
July 30, 2008
"5 Factors Catapult Online Money Making!" - by Vanessa Summers Despite what you may be thinking (and what the mass media would have you believe)...Participating In The Recession is optional. I have the rare opportunity with my work as a financial teacher to see the inside scoop on everyone's financial profile; from income, to budget, to expenses, to bank account, and assets too! What I know to be true, is that opportunity always exists, in every economic cycle. I too know, different economic cycles bring different opportunities. So, if you'd rather "Opt-Out" and NOT PARTICI... (read more)
Author: Vanessa Summers
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3. The Availability of Infinite Supply
July 24, 2008
We are told that the world economy is in serious trouble. This conviction is supported by experts, analysts and financial scholars who make their views known in newspaper, radio, television and the internet. This situation impacts the mindset of each one of us individually. “Mindset” is defined by Webster as, “a mental attitude that influences and determines events and circumstances”.
Guess what. The law of “like begets like” works! The mindset of lack, limitation and depletion of resources manifest itself in like conditions. It’s a self-fulfilling prophesy. Your mindset doesn’t make... (read more)
Author: Davis Goss
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4. Financial Freedom....Revisited and Redefined
June 11, 2008
It seems like with each passing year, information is rushing at us at an alarmingly faster pace. Combine that with our ever-increasing need for instant gratification, and more people are becoming less inclined to want to take the traditional, “tried and true” path to financial success. Despite the growing number of books and financial guru websites dedicated to helping the public find freedom in their finances, every year I meet more and more people who are dissatisfied with their current level of financial success…despite their larger incomes, increasing business, or if they are fortunate, gr... (read more)
Author: Nancy Ogilvie
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5. The Vital Need for Welfare Reform
June 10, 2008
In 1935, the Aid to Dependent Children program was included in the Social Security Act. This cash grant program enabled States to aid needy children without fathers. Enacted during the Great Depression, this program was viewed as a way to stimulate economic recovery by keeping women with children out of the job market, thereby reducing the competition for the few jobs that were available. Although every Presidential administration since Truman has pledged to reform the welfare system, the system has remained basically unchanged since its beginning.
According to the Census Bureau statisti... (read more)
Author: Sammy Beanard
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6. Simplicity With Money Works!
May 20, 2008
Some people say we are in a recession and some people say we are headed towards a depression. However, no matter where the economy ends up, unfortunately, most people are living the "American dream" paycheck to paycheck and that has created problems for many. With downsizing, reengineering, economic slowdown and everything else wrong with the economy, wouldn't it be nice to have a life of simplicity?
What is simplicity? Webster's Dictionary defines simplicity as "freedom from complexity, absence of luxury, or a simple state of quality." Most American's lives have become very complex, bec... (read more)
Author: Sharman Lawson
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7. The Need for Social Security in Society Today
May 19, 2008
Social security is a dynamic conception that is influencing social policy as a whole and likewise economic policy : in its widest meaning it seems to coincide with freedom from want.
For the present purpose, however, it is taken to mean freedom from want as assured by the benefits in cash and in kind of social insurance or social assistance schemes covering the principal risks which deprive workers and their dependants of their means of subsistence.
The use of this term emphasises the objective rather than the method of attaining it, and implies that the benefits should be reasonably... (read more)
Author: Sammy Beanard
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8. Economic Stimulus: What to Spend Yours On
April 30, 2008
As we all know, this nation’s economy is pretty much in the toilet. The necessities are a lot more expensive than our wallets are used to—mainly gas and food prices. To combat this, the government is actually giving economic stimulus checks to many of Americans. Of course, there are guidelines to who will receive one and how much they will receive. But I am happy to note, that I should be getting one! Now, the only question is…what should I spend it on? There are so many options—let’s take a look at them: • New Wardrobe: For many people, they haven’t been able to update some of their fashion ... (read more)
Author: Char Roberts
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9. Auto Title Loan: Your Automobile is The Key to Your Financial Freedom
April 30, 2008
You may not run at a constant speed on the economic turf. Sometimes your financial situation turns in such a shape that you suddenly fall into a trap of emergencies. You need quick funds to settle those emergencies but you fail to arrange adequate amount of money. In such situations you need not wonder in the market with the loan applications. Rather you just need to relax and go for the auto title loan.
A bit about these loans
Car title loans are loans that are supposed to be small loans to get you through to your next payday. With this type of loan you give the title and a copy of... (read more)
Author: MARK WARNE
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10. In Debt?
April 30, 2008
All over the nation, gas and food prices are rising while people are forced to use their credit cards more—just to make ends meet. Even with the anticipated economic stimulus, things aren’t looking up anytime soon. Debt just keeps increasing and so does the stress. So here are a few tips that can give you a little bit extra money during these hard times and how to get out of debt that much quicker. • Garage sale: I know this may seem trivial, but let’s start with the basics. Not only will you be able to clean out your house and garage, but you will get a little bit more spending money. Who kn... (read more)
Author: Char Roberts
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11. Top 7 Actions to Ensure You Go Broke
April 16, 2008
Do you really want to go broke and stay caught in the economic trap? Here are the top 7 actions you can take to ensure you have NO MONEY and are living in poverty.
1. Deny yourself nothing; spend every dime you make on stuff whether you need it or not.
2. Spend all the money in your bank account and on your credit cards too. Don't worry about emergencies that may come up. When they do, borrow more money to handle it.
3. Bring in just enough money to pay the bills and go shopping in your spare time. Don't stress over the yearly increase in the cost of living.
4. Impulse shop for thi... (read more)
Author: Sandra Simmons
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12. The True Cost Of Economic Freedom
April 03, 2008
The following story was shared with me recently, it’s been circulating around the net for years and I now share it with you.
In the United States of America lies a large industrial city which is the sight of one of the world's largest slave labor camps.
Located in and around the center of this city are community settlements where the economic slaves live.
Each morning the slaves move in herds like cattle from their small quarters into the slave labor camps. They cram into tiny buses and trains, trend through snow, sleet and inclimate weather. Not because they want to, but beca... (read more)
Author: Robert Lawrence
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13. Dedication, Commitment, & Self motivation...
February 28, 2008
Dedication, Commitment, & Self motivation...
Famous quote... Having heard all this you may choose to look the other way.... but you can never say again that you did not know.. William Wilberforce....1759 - 1833..
can you guess what this gentleman accomplished.? as it relates to civil liberties..this parallels economic freedom...
We believe GanoExcel is a GIANT and one NOT to take lightly. Your web site has to be viewed by your target audience in order to make the sales we all ... (read more)
Author: Ralph J Ramirez
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14. How to Protect Yourself in an Economic Crisis
November 06, 2007
Does the current economic crisis have you worried? Are you wondering how to achieve financial freedom so you can protect yourself and your family from the coming financial crash? Here is what you need to know.
The first thing you need to understand is what the word economics means in terms of thinking about your family, and how you can use what it means to your financial advantage.
Forget what the media says about economics when they talk about the roller coaster ride of the stock market, supply and demand, inflation, banking industry mortgage defaults and the unemployment rate. Thos... (read more)
Author: Sandra Simmons
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