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 collection is remarkably innocent of the kind of enthusiasm with which some evangelicals in the United States embrace globalization as the providential vehicle for ushering in the kingdom of God--or if not the kingdom of God, at least the global expansion of personal freedom, democracy, and free-market capitalism.
20 (ANI): United States lawmaker Sarah Palin has stressed the importance of Indo- American ties, in a speech she gave on her visit to India, saying they are based on the shared values of freedom and free-market capitalism.
The article tries to allay fears that the country is embracing free-market capitalism, saying that the changes will always be "faithful to the socialist principles our constitution demands.
In his newest book, Ian Bremmer argues that state capitalism differs from free-market capitalism in that politics rather than profit is the main driver for decision-making.
She devotes full chapters to discuss at length the implicit policy of destroying economies to rebuild them in the muld of free-market capitalism and, in the process, allowing the politically connected firms to accumulate wealth.
In 1978, China began opening up its state-run economy to free-market capitalism, but politically it remains an authoritarian state, run by the Communist Party.
Kamei, known for his calls for big spending, his attacks on free-market capitalism, and his pressure on the Bank of Japan to do more to fight deflation, formed the PNP in 2005 with a band of rebels from the then-ruling Liberal Democratic party to protest plans to privatise Japan Post.
Is free-market capitalism still a sound theory on which to base our economy?
But, the China scholar Minxin Pei argues, this was not an ideological conversion to free-market capitalism.
Though the storm in a teacup issue of Kraft spelling the word "Bournville" wrong might make for good outraged column inches, and his letter to Lord Mandelson and petition to Number 10 make it appear that he is actively campaigning to save Bournville jobs for Bournville workers, the fact of the matter is that the Kraft Foods takeover of Cadbury, though it will likely be devastating for our area, was a direct result of free-market capitalism working absolutely as it should do: a money-making, independent business got an attractive offer from another company, the price was right and so they decided to sell.
Patrick Minford, a former adviser to Margaret Thatcher, believes the public must accept that free-market capitalism is the best system we could have - even though it can and will go spectacularly wrong on occasions.
What's happening to Cadbury is all part and parcel of free-market capitalism, a system presumably supported by Coun Dawkins.