Said another way, these are the five principles of economic freedom:
- Property rights
- Rule of law
- Free trade
- Constitutionally limited government
- Sound money supply
When the 5 principles of economic freedom are present, a society has a strong record of generating long-lasting economic growth, opportunity and prosperity. What is Economic Freedom?
thelibreinitiative.com/economic-freedom
On the flip side, there are nations that have a command economy. This means that prices are not determined by the free market but are instead set by the government. Nations that have this type of economy include:
- Belarus
- China
- Cuba
- Iran
- Libya
- North Korea
- Russia
worldpopulationreview.com/countries/command-economy-countries
