Free Market

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Free Market

A system of economics that minimizes government intervention and maximizes the role of the market. According to the theory of the free market, rational economic actors acting in their own self interest deal with information and price goods and services the most efficiently. Government regulations, trade barriers, and labor laws are generally thought to distort the market. Proponents of the free market argue that it provides the most opportunities for both consumers and producers by creating more jobs and allowing competition to decide what businesses are successful. Critics maintain that an unfettered free market concentrates wealth in the hands of a few, which is unsustainable in the long term. In practice, no country or jurisdiction has a completely free market. See also: Deregulation, Classical economics, Keynesian economics, Marxism, Monetarism, Chicago School, Austrian School.
References in periodicals archive ?
The morality of free markets, with its non-coercive principle, is seen as superior to coercion (on land or on water).
For example, they might dispute the claim that the free-market system promotes the wise use of the environment or the claim that free markets curb materialism.
Many people who advocate free markets are not libertarians but radical capitalists, and many libertarians do not consistently advocate free markets or do not do so on solid philosophic ground.
The organization, which annually publishes an evaluation report on the free markets,from the perspective of suppliers, depicted BIA duty free market's as "one of the best" in terms of sales, market share and the relationship with suppliers.
presents an intellectual history of how free market advocacy recovered from retrenchment in the wake of the Great Depression in order to return to a dominant position in the Anglo-American public sphere by the 1980s.
If the majority were well grounded in such principles and understood the limitations of government actions, they would not have been hoodwinked into believing that the crisis of 2008-2009 resulted from the excesses of free markets.
But given recent questions regarding the merits of free markets after the 2008-2009 financial crisis, the need for job growth and economic stability in less than democratic regimes, and the growth of the economies and influence of state capitalist countries, this form of capitalism has gained momentum worldwide.
So while the Financial Times summed up the conventional wisdom by describing the Slovak election as a backlash against the nation's "sweeping free market reforms," opinion polls do not show significant opposition to the market.
But at the end of the day, the Institute makes a continuous and powerful case for the benefits of a globalized free market system.
Further study, including an internship at the Foundation for Economic Education in New York, convinced her, however, of the potential economic fruits of free markets.
In this compact and deftly written book, screenwriter and free lance journalist John Zmirak, seeking to illuminate "the intimate relationship that binds free markets, social order, and the search for the common good," provides an informative and helpful, if seriously uneven, introduction to Ropke's thought.
The twenty-first century imperium is a new invention in the annals of political science, an empire lite, a global hegemony whose grace notes are free markets, human rights, and democracy.