What Is Economic Freedom?

Economic freedom refers to a condition in which a person living in a community, state or country has the right to purse economic opportunities. This condition is associated with capitalistic countries where individual opportunities to find work and make money are typically promoted by limited government restrictions.

Economic freedom doesn't guarantee financial independence or success. Instead, it means each person receives the benefits of consequences of their labor. Even in capitalistic countries, some government regulation and taxation is common. Common elements of an economically free society include that citizens are able to earn without limitations and to own property with legal rights of private ownership.