market economy

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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 ?
But in a market society characterized by expansive and intrusive commercialization, inequality takes on an altogether more pernicious significance; when it is the ability to pay that determines access to medical care, nonfailing schools, safe neighborhoods, or political influence, then the social fabric is torn.
In free market society, the spread of addiction is primarily a political, social, and economic problem.
Despite its several flaws, this work is valuable in holding up a balanced and original set of concerns that readers may use in conducting their own evaluations of life in contempoary market society.
During the Renaissance and Enlightenment, critics of commercialization frequently objected to the "softness" and "effeminization" engendered by market society.
Rates of poverty among older Americans are lower than other segments of the population, but precisely because Social Security has played a role in mitigating the worst inequalities and vicissitudes of a market society.
As a pioneer of democracy in Eastern Europe, Lech Walesa was instrumental in Poland's successful transition to a free market society, and is a leader for the transition to democracy for the rest of the world," said Polish-born NuTech CEO and Co-Founder Matthew Michalewicz.
Key elements of political philosophy relating to social rights and equality are discussed and what challenges social egalitarians face within a free market society.
The conventional wisdom on culture is that, while the free associations of a market society can generate wealth, they cannot generate taste.
In short, this was a curriculum that prepared students to enter market society with basic skills, but did not presume any need for a broad knowledge of the world or for any preparation for advanced study.
Technological progress in a free market society means that on the whole the benefits exceed the costs, so that society is better off, even if the improvement is not "Pareto-superior," as the economists like to say.
They cover the discovery of modern market society, governing the markets, and utopian imagination and radical reforms.
When perceived military failures following the 1973 War led to a decline in the army's status, combined with Israel's development as a global market society undermining the army's role in determining the social hierarchy, Ashkenazi groups began to distance themselves from military service and began to make political and material demands that limited state military autonomy between 1985 and 2000.