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 ?
By leveraging FreeMarkets QS, we can enhance the efficiency of our sourcing organization and generate results that positively impact our bottom line.
Under the terms of its agreement with FreeMarkets, Tyco will use FreeMarkets FullSource, FreeMarkets QS and FreeMarkets Supplier Implementation.
When negotiating globally for goods and services on an enterprise-wide basis, buyers must have the flexibility to conduct negotiations in a wide variety of formats," said Roger Blumberg, Director, Product Management, FreeMarkets.
Under the terms of the agreement, Crompton Greaves will use a suite of FreeMarkets solutions, including FreeMarkets(R) FullSource(TM) and FreeMarkets(R) QS(TM) to source high value and complex categories of spend that require global outreach.
Items sourced using FreeMarkets QS include a variety of for-resale and not-for-resale products such as: meat products, kitchen foil, paper tissue products, beverages, stationery, voice systems maintenance, desktop PCs, and manned security.
We are very pleased the company has selected FreeMarkets QS to enhance its strategic sourcing operations, and look forward to continuing to provide them with the software and services they need to achieve their most strategic business goals.
Under the terms of its agreement with FreeMarkets, Norsk Hydro is using both FreeMarkets FullSource and FreeMarkets QS to source a wide range of goods and services across its operations.
The set of challenges that supply management professionals face changes daily, but some things remain constant," said FreeMarkets Vice President of Product Management Chris Gormley.
In today's competitive retail environment, retailers must be able to source goods and services from the highest quality suppliers at the lowest total cost," said Eric Kent, Director, FreeMarkets.
These contracts will provide committed revenue to FreeMarkets over the next three years.
In particular, Royal Mail is embracing innovative solutions from FreeMarkets to generate major savings and efficiencies.
Under the terms of the agreement, Electrolux will use a suite of FreeMarkets solutions to drive savings and efficiencies across its global operations, including: FreeMarkets FullSource, FreeMarkets QS and FreeMarkets Supplier Implementation.