Under capitalism, free-competition means freedom from the initiation of physical force. Freedom of competition is the freedom to produce by one’s efforts (and in conjunction with the voluntary efforts of others), and the freedom to trade what one has produced, for one’s self-interest/profit, i.e., in the pursuit of one’s happiness.
Free-competition is a consequence of the political right to life, liberty, property and the pursuit of happiness applied to the economic sphere of production and trade.
Morally, competition among producers is founded not on service to consumers — which is a result; but, upon the pursuit of rational self-interest, i.e., the profit motive. Economically, its result is a free-market. A free-market does not mean freedom from the rule of law, but freedom from criminals and regulators.
Free-market competition presupposes a social system based on individual rights.
The freedom to produce and keep what one has created is the application of the right to property. The freedom to trade goods on one’s terms is the application of the right to liberty. The right to advertise what one has produced is the application of the right to free speech. The right to profit from what one has produced is to keep what one has created is the application of the right to the pursuit of happiness.
Free-competition without individual rights is a contradiction in terms; it is an oxymoron. Of course, if one is a communist, fascist or socialist (all are different forms of a single evil principle: collectivism) and does not believe in individual rights then competition has an entirely different meaning.