Our Head of Education Dr Steve Davies outlines the third pillar of a free society: a free economy.

He explains how free economies can lead to innovation and wealth creation much more successfully than other forms of economies. He notes that actors must be entering into trade voluntarily, and cannot be taking part due to politics, fear or fraud.

Steve also highlights two institutional frameworks which must be in place for a free economy to prosper: property rights and a legal system for settling disputes; of these two frameworks, Steve argues that the first is the most important.

The films are based on our book ‘Foundations of a Free Society’, written for the IEA by the Adam Smith Institute’s Dr Eamonn Butler, which you can download for free here: https://iea.org.uk/publications/resea…

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