economic freedom
/ɛkəˈnɒmɪk ˈfrɪdəm/ · e.co.nom.ic.free.dom
noun
- The state of being free from excessive government control or interference in economic matters, allowing individuals and businesses to make choices and decisions without undue restriction. The country's economic freedom index ranked high due to its minimal regulations and low taxes.
- The ability of individuals to pursue their economic goals and aspirations without being hindered by external factors such as poverty, lack of education, or social inequality. The non-profit organization worked to promote economic freedom for marginalized communities by providing access to financial education and resources.
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Did you know? The concept of economic freedom has been influential in shaping modern economic systems, with many countries incorporating elements of free market principles into their economic policies.