Free Enterprise
The Key to Thriving Entrepreneurship and Economic Opportunity
Our founder, Burt Morgan, was a staunch advocate of free enterprise, famously declaring it to be “America’s number one advantage over the rest of the world” in his autobiography, My Life…So Far (2003). His remarkable entrepreneurial career and ensuing success serve as a compelling testament to the importance and effectiveness of the free enterprise system.
While free enterprise has always been the bedrock of Burton D. Morgan Foundation, most of our focus over the years has been on entrepreneurship. During our recent strategic planning process, we affirmed the vital role of free enterprise in fostering entrepreneurship, as well as the importance of elevating awareness and understanding of free enterprise among our partners and stakeholders - and ultimately, the general public. Free enterprise is the foundation for entrepreneurship - the system that enables entrepreneurs to launch businesses and thrive! So, while Morgan Foundation continues to support entrepreneurship, we are also embracing and maintaining our commitment to the free enterprise system. We are focused on building an understanding of…
What is Free Enterprise and Why is it Important?
The free enterprise system is a way of running the economy that gives people the freedom to start and run businesses. It’s built on a few simple ideas: people can own their own businesses, they can make their own decisions, and the government mostly stays out of the way.
Idea Generation
One big benefit of the free enterprise system is that it encourages new ideas. Businesses want to do better than their competitors, so they come up with new products or find better ways to do things. This leads to new technology, better goods, and improved services that make life easier and more enjoyable for everyone.
Economic Growth
This system also helps the economy grow. When businesses compete, they work hard to offer better products at lower prices. This gives people more choices and helps create jobs, in small local shops and in big companies. These jobs support families and communities.
Empowerment of Individuals
Another great aspect of free enterprise is that it lets people follow their dreams. If someone has a good idea, they can start their own business and try to make it successful. This gives people the power to create their own future and make a difference in their community.
Because the free enterprise system is flexible, it can adapt to changes. Businesses can adjust to meet new needs, find solutions during tough times, and take advantage of new opportunities. This makes the whole system stronger and more able to handle challenges.
What are the Arguments Against Free Enterprise?
Some people argue that free enterprise can lead to income inequality. For example, businesses that make a lot of money might pay their workers too little or take advantage of people who don’t have many choices. Others say that big companies can become so powerful that they make it hard for smaller businesses to compete. This can limit choices and hurt local communities.
Another concern is that free enterprise focuses too much on making money and not enough on helping people or protecting the planet. For instance, some businesses might cut corners on safety or pollute the environment to save money, which can have long-term consequences for everyone.
But there are ways to address these problems. Laws and regulations are established to make sure businesses treat workers fairly, protect the environment, and promote healthy competition. Additionally, consumers have a lot of power - they can choose to support businesses that behave responsibly and avoid those that do not. In this way, the system can adjust and improve while retaining the freedom and flexibility that make it work.
Bringing Burt’s Vision to Life
Building on Burt Morgan’s legacy, Morgan Foundation is partnering with various organizations to explore the many facets of the free enterprise system and to further public understanding of its principles and how anyone can participate.
As part of this commitment, we are launching the 2025 Free Enterprise Speaker Series, a collection of thought-provoking programs designed to illuminate the system’s foundations, relevance, and complexities in the modern world. This initiative brings together educators, business leaders, and economists to engage audiences in meaningful conversations about how free enterprise fuels innovation, drives growth, and empowers individuals—while also examining its challenges and evolving role in society.
