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Free Market
(redirected from Unregulated 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.


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The international community has blamed the global economic and financial crisis in part on hedge funds and other unregulated market players for contributing to excessive risk taking that brought the financial system to near-collapse a year ago.
The plan mirrors the Enron idea of an unregulated market for electricity, an idea that precipitated the West Coast energy crisis in the early part of this decade.
We have a choice in the European elections between those parties who want the common market to be left to unregulated market forces (notably the Conservatives and Liberal Democrats) and those who believe that a common market needs common rules to protect consumers, to protect the weak and vulnerable and to set high environmental standards (Labour and the Greens).
 
 
 
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