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 ?
Many people who advocate free markets are not libertarians but radical capitalists, and many libertarians do not consistently advocate free markets or do not do so on solid philosophic ground.
If the majority were well grounded in such principles and understood the limitations of government actions, they would not have been hoodwinked into believing that the crisis of 2008-2009 resulted from the excesses of free markets.
The next time you hear the free market being blamed for our ills.
Yet there is evidence that, whatever their misgivings about the transition process, Central Europeans continue to prefer the free market to socialism.
Yet thanks to the black market (the free market driven underground by government regulation), drugs are available everywhere, including inside prisons and in schools.
To have that, though, we would need a truly free market.
The free market, for all its virtues, does fuel a consumerist mind-set that's personally and socially destructive.
It is a beautiful thing this free market in which every individual pursues his or her own personal interests and thereby affects an optimal outcome for the entire society.
Moreover, Rustow pointed out, in capitalism's early years there existed an abundance of ethical capital from a previous Christian society that greatly enhanced the beneficial effects of the free market.
And "barely attentive" does not even come close to describing the aggressive foisting of the free market model on economies around the world that so typified the Bush/Clinton era.
Stratton added that the principles of a free market did not favor business anarchy, that instead the U.
The free market offers a precise and flawless mechanism for weeding out the ones that don't add value to people's lives, thus wasting a society's scarce resources.