This book aims to show that imminent economic crises can be discovered earlier, ongoing crises better controlled, and past crises healed more efficiently if certain economic laws of freedom and fairness, of risk-taking and liability are observed. Its three co-authors submit their ideas about what free and fair competitive economy and adjacent social cost economy may contribute to foresee, mitigate and overcome crises in national, regional and world economies. At the core of this concept is a functioning market economy with competition at its center. This economy, however, is also workable in a culturally freedom- and justice-oriented society where competition is absent or of no interest. The central economic value under scrutiny in this investigation is contained in a principle of a merchant’s ordinary, recognized behavior and engagement in trade and commerce. Part of this behavior and engagement is an adequate involvement in taking economic risks and carrying certain legal responsibilities if those risks become reality. To initiate a market, to keep it going, to protect it against disturbances and in case of emergency to imitate it (by “as-if-competition”), rules concerning economic freedom of competition are required. Free competitive bargaining includes entering into economic risks and someone to be held liable if they hit. Therefore, competition involves a decision of whether to keep a risk concealed or having to bring the business partner up-to-date. Whether the one or the other is recommendable or even due, is judged by legal rules regulating fair competition. Thus free competition has to be fair and fair competition concerns, among other circumstances of the deal, the relation between risk and liability. The offer to sell a toxic derivative as well as the incitement to acquire one serve as an example. The title “FairEconomy – Crises, Culture, Competition and the Role of Law” aims at indicating this program.1