A thorough understanding of the Free Enterprise system underlies a business education at Campbell Business School. By understanding its economic and moral implications, students learn to make sound economic decisions in both their professional and personal lives that have a lasting impact.
The Four Pillars of Free Enterprise
Freedom of Speech with Innovative Thinking
The free flow of ideas and information, which fosters innovative thought, is essential to a free enterprise system. Freedom of speech provides the foundation so that innovative thinking is protected and embraced. Individuals have a right to communicate their opinions and ideas to anyone so long as they do adversely affect another’s liberties. This allows entrepreneurs to have an unrestricted discussion regarding their offerings to society and a forum for all stakeholders to consider a diverse range of opinions.
Private Property Rights and the Right to Choose What Business to Pursue
Individuals have the right to own a business. Business owners have the right to make autonomous business decisions including choices about production, pricing, delivery, and voluntary exchange. Private property rights and the right to choose what business to pursue ensure that the resources that society has to offer are utilized in a way to meet preferences and demands of society in a socially responsible manner.
Rule of Law in Conjunction with Limited Government
Laws are required for all free market economies. However, legal constraints must be assessed so that the costs imposed upon businesses, employees, and stakeholders in the firm do not outweigh the benefits bestowed upon all parties involved. Laws must also hold individuals, corporations, and the government equally responsible for their actions. Together, limited government and the rule of law create what Thomas Jefferson called a “wise and frugal government.”
The Profit Motive Paired with a Moral Compass
Free enterprise must be founded on strong morals and ethically sound business practices. The entrepreneurs values, norms, generosity, along with their desire to help society, accompanied by the entrepreneurs need to earn morally sound profits are vital to the survival of any free market system.
“The free enterprise system is…the most productive and rewarding…it is also the most moral since it assumes as rights of the individual to possess the products of his labor, to exchange them for what he wants, to determine his own standard of living, and to consume what is his…”