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 first half of the book is a theoretical section of sorts, laying down the case for free-market economics in a property-rights context.
Gruden and Asmus's main solution to poverty is the free-market system.
Krugman then claims that free-market advocates who do embrace tort law see torts as the only remedy for product safety--and he proceeds to mock this position as laughable, writing, "So, do you believe that would be enough?
Such was the power of the free-market model that the former communist countries of eastern Europe and communist China introduced free-market reforms.
The crisis was fundamentally the fault of free-market fraud, greed, and excesses.
Capitalism takes many forms, but all of them can be distinguished by their "use of wealth to create more wealth, a broad enough definition to capture both free-market and state capitalism," notes Bremmer.
The starry-eyed gas taxers were politically immolated by free-market zealots who resisted any tinkering with the mysterious machinations of the all-powerful, all-seeing eye of holy commerce.
His opponent, Donald Tusk, captured 45 percent of the vote, running on a free-market, fiscal reform and liberal economic policies platform.
While many free-market scholars view public charter schools as a more marginal school-choice reform, these schools do demonstrate what can happen when students have both a true open enrollment system and purchasing power rivaling that of students enrolled in traditional public schools.
What does the cartoon suggest about what some critics think of problems with America's free-market economy?
All were expected to devise their own way out of the disaster area by private means, just like people do when disaster hits free-market countries in the Third World.
Vargas Llosa suggests that lasting change will come through permanent revolution based on free-market principles.