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[[Image:Adam Smith.jpg|right|Adam Smith]]

[[Image:Adam Smith.jpg|right|Adam Smith]]

'''Free Enterprise''' is commerce with [[business]] transactions carried on between private individuals or corporations without [[state]] interference or planning.  It has been the primary economic model in the U.S. and Britain since the [[Industrial Revolution]], but free enterprise has been tempered somewhat by government regulation.  Free enterprise means an unregulated [[economic]] activity that harnesses the power of economic freedom and [[competition]], for the benefit of all. In [[France]] and other places, ironically, this economic model is called [[liberalism]].

'''Free Enterprise''' is commerce with [[business]] transactions carried on between private individuals or corporations without [[state]] interference or mandatory collective bargaining.  Free enterprise brought unprecedented prosperity to the U.S. and Britain after the [[Industrial Revolution]], but its benefits were sharply limited by government regulation and unions in Britain in the 20th century and, to a lesser extent, the United States.   

 

Free enterprise means an unregulated [[economic]] activity that harnesses the power of economic freedom and [[competition]], for the benefit of all.

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