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 ?
Yet while free markets are dismissed as a dangerous pipe dream, technological progress is a "historical fate.
s free market environmental vision goes by the name of Government Regulations.
In his telling, it wasn't irresistible historical and economic forces that raised the free market to its current unquestioned and total dominance.
CatoAudio is a 60-minute audio magazine features speeches and lectures on a broad range of topics related to limited government, free markets, and civil society.
That means voters have to understand that the choice isn't beween the free market and big government, that the distinction harshly symbolized by Bush's joyriding in his cigarette boat--between citizen and consumer, between republican life and economic life--is phony.
The Japanese government kept the yen overvalued and below a free market level from 1955 to 1975, he said.
This appears to be a mountain where people express their love for the environment in the free market by building log cabins considerably larger than Honest Abe's.
From experts both inside and outside Russia, we hear that the country's economy is falling apart because of unregulated free markets and too much reform.
Over the past five or six years," as David Frum has summed it up, "social and religious conservatives have taken gleeful pleasure in an increasingly emphatic rejection of free markets and limited government.
But a half-century later, it is Keynes who has been toppled and Hayek, the fierce advocate of free markets, who is preeminent.
I mention this incident not because it is particularly important in and of itself but because it represents a disturbing trend among the conservative intelligentsia (and a few friendly politicos): a campaign, conscious or unconscious, to ostracize libertarian ideas in general - and free markets in particular - as dull or dangerous.
Free markets are not the same thing as neoclassical economics at all, nor are they logically reducible to it.