ABSTRACT
Liberal-democratic government places a premium on the individual liberties of its citizens. In the material realm, this includes the preservation of each citizen’s right to private property and to private wealth accumulation. Without some measure of material autonomy from government, citizens become simply vassals of the state and enjoy only such freedom as is tolerated by those holding political office. The open exchange of goods and services among citizens, free of government interference is what is meant today by the term “market economy.” But a political system based on limited government is not a pact with anarchy. It is, rather, a constant effort to balance through regulation individual liberty and the welfare of the community to which government is responsible.
