An economy is the financial dimension of a culture, indivisible from all the complexities of a culture, and inseparable from the origin of culture in the interactions and exchanges between individuals. Although the words economy and market typically relate to exchanges which relate to money and finance in an apparent way, these are subsets of a larger complex web of all human cultural exchange.

An economy begins in its essential form with the exchange of one thing for another between two individuals. What is exchanged might be an object, a service, an action, loyalty, an idea, knowledge, information, words, or even nothing appreciable. Anything can be exchanged which can be assigned subjective value (even if that value is understood to be nil), a value which may be conceived differently by the two individuals. Typically, what is exchanged is something desired by an individual who receives it.

In practice, the economy of a society (a society being nothing other than a group of interacting individuals) is composed of many, many such exchanges in a complex web so vast and interconnected it can be described only with difficulty, and often predicted with much less certainty than the weather; both of these are complex systems in mathematical terms. A market in economic terms is the totality of this web of exchange, which invariably gains its larger character from the qualities of individual exchanges, and the subjective conceptions of value in each case, since it is composed of nothing else. Some of these exchanges will involve groups of individuals; in this case the dynamics between these individuals as well as their individual conceptions (which of course may themselves be of infinite variety) must be considered. This general categorization could describe every possible exchange, economy, and market.

Marveling at the sheer complexity of any large market, we begin to see why 'market planning,' actually an attempt to control markets centrally, does not fare well. Not only are there trillions upon trillions of individual exchanges (or even many more) contributing to larger 'market forces,' some of these are not even measurable, many of them do not use money at all, and all of them (despite the present existence of official currency as a standard of value) are based on individual subjectivity at some level. A market can only be planned if the scope of organic human interaction can be planned — obviously quite impossible. To regulate and plan such a thing is beyond any human being’s comprehension; it is somewhat like planning a universe. Chaos mathematicians have a term for this, a complex system — something so complicated and intricate that any estimation of order can only fail as a model — a system that cannot be systematized. Most known complex systems are built from simple basics to be complex upon the multiplied interaction of the basics. But markets are complex upon complex, because the most basic exchange results from the inherent complexities of at least two human minds. The complexity of a stock exchange itself is considerable, yet the immediacies of this little corner of a market are a tiny subset of all the factors involved. The internet includes incomprehensible complexity, yet all electronic exchanges of ideas and information are merely a minor part of all cultural and financial exchange in the worldwide market.

Although exchanges which do not involve a recognized form of currency are rarely allowed to be centrally controlled and regulated to the extent that financial exchanges are, control over financial exchanges are accepted, even where people do realize that other exchanges should not be regulated and controlled. Few people would accept central control over the exchange of words, thoughts, or favors — but taxation and regulation are accepted as soon as a medium of exchange is introduced. This is foolish, because one kind of control very often leads to another.

When an exchange is voluntary — which occurs when the two things exchanged are (subjectively) agreed by both parties to be of equal value, or when inequality is recognized by one or both parties, yet judged as an acceptable condition of the exchange by both — then that exchange is a free exchange, the basic element of a free economy. Note that gift-giving from presents to charity is included in this definition as an acceptable unequal exchange of something for nothing, perhaps derived from a sense of obligation, or a desire to inspire one. Or, gift-giving can be an exchange for nothing immediately substantive, but providing a sense of well-being for the giver which is worth something too — maybe much more than the gift itself.

As long as every exchange within a market which is not voluntary is aberrant (as in the case of theft), and every group acting as a party of exchange is based on entirely voluntary association, that market is a free market. Notice that provision is made here for the case of theft and other acts of violation and exploitation as aberrations, since otherwise no free market could exist on a large scale. But notice something else:

1) Government acting as a representative of a people is not a voluntary association, yet it represents a party of exchange.

2) Taxation, seizure, duty, and other 'exchanges' involving government are not considered to be equal by both parties, and certainly they are usually not agreeable.

3) These non-voluntary exchanges are not aberrant, but widespread, comprising a significant proportion of all exchanges within societies incorporating government — which is to say virtually every territorial society in existence.

For an economy to be a free market, it cannot be composed of exchanges which are not voluntary, so it cannot involve government. Even a laissez-faire, minimized state still would not possess a free market. No society founded on the principles of collectivism and compulsive central authority has a free market, or a free culture, for that matter. Unhindered by government and founded on individualism, a Promethean society can have a real free market and a free culture; a Promethean society can benefit from Promethean capitalism.

What are the advantages of this Promethean capitalism? Aside from the innate appeal of personal freedom, the most obvious potential advantage from a given voluntary exchange is this: since value based on need or desire is subjective to each individual, advantage may be derived by each party to an exchange without exploitation. Because individuals have different capital to trade and different desires, exchanges can reward both sides. Both can be self-interested, both can win. (Of course both do not always win — not if a choice is foolishly or ignorantly made, or if deceit is involved. But these are not problems which concern only voluntary exchanges.) Both individuals who trade can profit according to their own definition of success, however this is defined. This most immediate advantage is also the most important, for each person. But on the large scale of a market, there are additional advantages which accumulate for many individuals.

One point to stress is that capitalism depends on private, personal capital, but not necessarily only private profit; any number of people may benefit incidentally or indirectly from an exchange. And they commonly do, even when there are limitations and restrictions placed on free exchange, in a market which is not free. Imagine how much more is possible in Promethean capitalism.

The achievements of any individual can be exchanged as capital. Much of that capital is mental capital, which can circulate and become useful to many people. Ideas, knowledge, and methodology propagate expansively as a side effect of individual exchanges and individual profits. The subjective profits from each exchange spread from one exchange to another. Improved methods of production coupled with competition lower the prices of goods, even for those who have not invented those methods — yet reward the inventors. Scientific advances pass to those who have no knowledge of science — yet reward the scientists. Through the web of market exchange, wages for physical labor become intellectual education or medical care, rewarding the physical laborer, the teacher, and the doctor along the way, with very little waste due to friction, thanks to choice and competition. Improvements spread, relative prices go down, and relative wages go up. As millions or billions of people conduct trillions upon trillions of interconnected exchanges over time, productivity, capital, wealth, achievement, and individual benefit which is possible and realized can build upon itself at a fantastic rate. At the same time as there is enormous progress and advancement, everywhere, time and effort can be saved and devoted toward what matters to each person. Quite simply, whatever is valuable to you is more likely to become possible through both your own efforts, and through the pursuits of other people seeking their own kind of advantage, in their own way.

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