ECONOMIC FREEDOM, in economics, a term applied to a condition of society in which free competition obtains. The term connotes the emergence of society from slavery and serfdom. In complete economic freedom, every man is at liberty to work as he will, unfettered by law or regulation, and uncontrolled by any customary obligation to an overlord ; at liberty to enter into con tracts, to sell his services or his products, to move about freely, and to engage in the enterprise of his choice.
For the rise and modification of the concept of economic free dom the history of ancient and modern states should be consulted, and in particular the articles SLAVERY; SERFDOM; FEUDALISM; INDUSTRIAL REVOLUTION ; ECONOMICS ; TRADE UNIONS ; OPERATION ; INSURANCE; NATIONAL INSURANCE; COMBINATION;