The prize, organised by the International Policy Network, is open to writers across the globe whose articles "explain, promote and defend the principles and institutions of the free society".
The first prize winner of this year will receive $50,000, followed by a second prize of $15,000 and third prize of $5,000.
Last year the total prize fund for the Bastiat prize was $15,000, with an additional online journalism prize of $3,000.
However, this year the organisers have revealed the separate online prize will not be offered, with authors of blogs and other online articles instead encouraged to enter either the Bastiat Prize or its new Hoiles Prize for regional journalism instead.
Freelance writer, journalist and Telegraph blogger James Delingpole won the online journalism category of the prize last year.
Entries to the prize this year must be received on or before 31 July via an online entry form.
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Award listings currently open for entries