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The following professional editing software have free versions (with some limitations):
DaVinci Resolve
Hitfilm
Avid Media Composer
Lightworks (free version limited to 720p output...)
As all professional tools, they are flexible and powerful, but require a significant time investment to learn. They also promote a more cumbersome workflow than consumer-oriented programs, and tend to lack one-click solutions. They are designed with the assumption that if you use them, you are going to put in the time to obtain a high-quality result. For example, in iMovie, all you need to do to stabilize video is tick a checkbox. It'll do a reasonably good job automatically, whether it's a static or panning shot. But if something goes wrong, you won't be able to correct it. In professional software, stabilization is usually a multi-step process, and you probably won't be able to guess how to do it. You'll need to read the manual or watch some tutorials. But they offer sufficient control that you'll always be able to obtain the best possible result if you are willing to put in the time.
The following are free, open source, and work on non-Linux systems too:
Shotcut
Openshot
They are more beginner friendly, and more consumer oriented: they require less time to learn. Unfortunately, I found them to crash too often to be usable (but things may have changed since then). For Linux users, there are several more choices (e.g. kdenlive).
If you want something that is free, reasonably powerful, and fully consumer oriented (easy to learn), the only thing I know of is iMovie. It's for Mac only. Adobe Premiere Elements is similar, but costs money. Generally, you'd have to pay for high-quality software that is also easy to learn and easy to use.
Of the professional tools, I heard that Hitfilm is easier to learn and has more modest system requirements than the others. Personally, I went with Resolve 14 (beta) because I found it first, and I'm generally happy so far ... but I really miss the ease-of-use of iMovie (and iMovie wasn't exactly trivial to start with either—video editors never are). The reason why I left iMovie behind is that I needed something that also works on Windows, and (as a Lightroom user) I really wanted more flexibility in colour correction.
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