What Are the 5 Economic Freedoms?

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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?


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