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 ?
We are pleased that they are choosing to use the FreeMarkets B2B eMarketplace for purchasing, and we are committed to delivering measurable results that will benefit both American and its customers around the globe.
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 the agreement, FreeMarkets will provide Diebold with access to its proprietary online auction technology, technical operations, industrial market-making services and global database of suppliers.
Under the terms of its agreement with FreeMarkets, Tyco will use FreeMarkets FullSource, FreeMarkets QS and FreeMarkets Supplier Implementation.
Nasdaq: FMKT), the original and world's leading B2B eMarketplace, today announced the availability of FreeMarkets Desktop for Professional Buyers and FreeMarkets Desktop for Suppliers.
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.
The federal government is increasingly turning to the FreeMarkets B2B eMarketplace to achieve measurable savings on the incredible volume of goods and services they purchase," said Dave McCormick, vice president of public sector business for FreeMarkets.
We are very proud to be partnering with Visteon over the next five years," said Glen Meakem, chairman and CEO of 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.
Our agreement with FreeMarkets is one of several key initiatives we are undertaking with regards to our supply chain management," said Boon Swan Foo, President & CEO, ST Engg.
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.
Under the terms of the agreement, FreeMarkets will provide DaimlerChrysler Aerospace with access to its online auction marketplace, which the division will use to conduct purchasing.