Politically, 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, i.e. free trade.
Observe that free-market competition presupposes a social system based on individual rights — and cannot exist without the protection of rights by government, e.g. what good is the right to produce (right to liberty) if one does not have the right to keep what one has created (right to property), the right to advertise what one has produced (right to free speech), the right to trade ones goods one ones own terms (right to property) and the right to benefit from what one has produced (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.