market economy

(redirected from Market oriented)
Also found in: Dictionary, Thesaurus, Encyclopedia, Wikipedia.

Market Economy

A social and economic system in which prices are fixed by the law of supply and demand rather than by a government or other body. In its pure form, a market economy is an economy absent of government subsidies, incentives, or regulations. A market economy contrasts with both a planned economy and a mixed economy. No economy is a complete market economy: most countries claiming to have market economies in fact have a market economy combined with greater or lesser government regulation, sometimes called a social market. Proponents of a market economy argue that it is more efficient than any alternatives, promotes fair competition between its participants, and rewards skill and hard work. Critics allege that a market economy perpetuates class differences and rewards ruthlessness over actual labor. Milton Friedman, Friedrich Hayek, and Ludwig von Mises were three major 20th-century proponents of the market economy. See also: Capitalism, socialism, John Maynard Keynes.

market economy

see PRIVATE-ENTERPRISE ECONOMY.
References in periodicals archive ?
This report examines of the worldwide Point of Care Diagnostic testing sector in a quantitative, business and market oriented treatment.
The firms' results are market oriented and not vendor sponsored.
I am pleased to be joining an aggressive, market oriented company focused on meeting the needs of physician inventors, device organizations and patients," said Mr.
The Chinese postal service would be only too happy to work with a market oriented logistics provider offering high quality services worldwide.