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 ?
Are the supporters of the Tea Party thoroughly consistent with the political and economic philosophy of free-market conservatism and libertarianism?
Bush's policies have inflamed anti-Americanism, the European Union has emerged as a counterweight to the United states, and many countries regard European-style social democracy as a more attractive model than America's free-market conservatism.
She was also promoting the notion that her husband is leading an international trend dubbed the Third Way--shorthand for a governing philosophy that purports to be an alternative to both free-market conservatism and traditional welfare state liberalism, one that is mindful of markets and the private sector but that turns to government and other public entities to aid those hurt by globalization.
By 1987, the Group of Seven leading economic nations had undergone startling political realignments that fostered aggressive free-market conservatism.