The Ethics of Economic Freedom

An economic order is always based on a certian set of moral principles. This applies to a free market economiy as much as to the corporatis economies of medieval cities run by the guilds or the centrally controlled economies of the Eastern Bloc. The economic order must corresspond to the social order and the philosophy of the state. If these various components of the underlying philosophy are compatible, then the system is stable. And it will be effeicent in so far as it has the best possible chance of standing its ground and speading its influence in the peaceful, international competition among basic philosophies. Howerver, the success of an economic order depends also on the efficiency of competing systems.