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 ?
As discussed, in unregulated markets there is no assurance of ethical and professional kidney donors.
Group use in the unregulated market is higher than in the regulated market and is in line with the equilibrium prediction.
The company showed revenue growth of 22% y-o-y, mainly due to increase of power prices on the free market concurrently with the rise of sales on unregulated market to 85% of total production, which led to 18% growth of average electricity price.
The result, in a competitive and unregulated market, has been that rural house-prices in Wales have long since been pushed up to levels way beyond what young local families can afford.
In 2009, the share of the unregulated market was one-fifth.
Earlier, Venezuelans used to turn to the unregulated market when they could not get government approval to buy dollars at the official rates of 2.
The bonds will be traded on the unregulated market of the Vienna Stock Exchange.
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.
Another witness, Ciaran Fitzgerald, former director of the Irish Food and Drink Federation, claimed the abolition of the groceries order, preventing below-cost selling, had been "a huge mistake", which had allowed the multiples to abuse their buying power in an unregulated market.
telecommunications context, it could enter an unregulated market for a
The failure of this harmonization bill reinforced the long-held opinion of the Australian TGA that New Zealand was an unregulated market where almost anything could be labeled as a dietary supplement and sold to the consumer, regardless of the quality standard.
Both companies point to a more immediate problem: The new law has brought a flood of competitors into an unregulated market, leading to questions as to whether all recyclers are really recycling.