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 ?
Yesterday's speech showed Mr Miliband has a truly radical ambition for Labour, a determination to kill off the free-market economic settlement that Thatcher began and Blair and Brown embraced.
The Tea Party believes (as well as paying no tax and having no health service) in the kind of extreme free-market economics which allows capital to flow uninterrupted by the state or unions to areas where labour costs are lowest.
a free-market economics textbook written by the late Christopher T.
2005) 'The rise of free-market economics since 1945', in Boettke, P.
For in truth, the "world's major economies" could indeed reform finance, put people back to work, and "avoid the booms and busts of the past"--by restoring free-market economics, getting rid of central banks, and re-instituting the gold standard.
The document brought signatories from both camps together to endorse a statement demanding tax-funded vouchers for school "choice," an end to legal abortion, curbs on erotic material, a commitment to free-market economics and more religious content in public schools.
The first is what is the essence of free-market economics and whether the Enron experience undermines the case for free markets.
But, despite paying lip service to the market, the European left remains torn by an inner contradiction between its anti-capitalist origins and its recent conversion to free-market economics.
Soon after, the book became a target for criticism from supporters of free-market economics, who erroneously dismissed it as alarmist for predicting global resource catastrophe by the end of the 20th century.
Every government blames its predecessors and for anything meaningful to happen will necessitate a huge shift in thinking away from the free-market economics which dominate all the main parties.
Like the Shi'ite theocracy of Iran, Chavez believes that the days of the US leading the world into free-market economics are numbered and says the days of the UNSC's global authority can be counted on his fingers (see Review No.
As John Biffen, the former MP for Shropshire North was a eurosceptic, an acolyte of Enoch Powell on immigration and an early exponent of Thatcherite, free-market economics.