Here are five core elements to this idea of market freedom, or whatever you want to call it. It is my short summary of the classical liberal vision of the free society and its functioning, which isn’t just about economics, but the whole of life itself. Call it capitalism if you want to.
I. Volition. Markets are about human choice at every level of society.
II. Ownership. .. as long as we live in the material world, there will be potential conflicts over scarce resources. These conflicts can be resolved through fighting over things or through the recognition of property rights. If we prefer peace over war, volition over violence, productivity over poverty, all scarce resources -- without exception -- need private owners.
III. Cooperation .. People need people to obtain a better life. We trade to our mutual betterment. We cooperate in work. We develop every form of association with each other: commercial, familial, fraternal, and religious. The lives of all of us are improved by our capacity to cooperate in some form with other people.
IV. Learning .. We observe success and failure in others, and we are free to accept or reject these lessons as we see fit. In a free society, we are free to emulate others, accumulate and apply wisdom, read and absorb ideas, and extract information from any source to adapt for our own uses.
V. Competition .. there should be no legal (coercive) limits on the ways in which we are permitted to serve each other.