Abstract

This article is concerned with four questions. How are decisions made in economic affairs? What role does freedom play in a market economy? How important is freedom in a market economy? How best to preserve freedom of economic initiative? Based on responses to those questions, we argue that a personalist economy with its reliance on intermediary groups and preservation of economic freedom represents an alternative to the individualism of capitalism and the collectivism of socialism. The evidence presented breaks the stereotype of private group decision-making as collusive and demonstrates that a personalist economy is a functioning reality in the United States.