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 ?
Readers of America's Free Market Myths who prefer increased government intervention in the economy will find the book comforting confirmation that corporations exert undue influence, the middle class is stagnating, and greed caused the Great Recession.
Although Krugman aims his criticism at "libertarians," most of his remarks pertain to advocates of unregulated free markets. 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.
The most fundamental defense of free markets is not to be found in a materialistic or utilitarian assessment.
According to The End of the Free Market, state capitalism is a system in which the government acts "as the dominant economic player and uses markets primarily for political gain.
"Wassit's Council had exerted big efforts to reach an agreement with the Iranian side to open a joint free market between the two countries at Zurbatiya border point, 90 km to the east of Kut, the center of Wassit Province," he added.
For this reason, it poses a threat to free markets and the global economy.
Recently, the free market has been blamed for every ill but pimples and dandruff.
The Globalization of Addiction (GOA) is a well-researched account of prevailing forces of free market enterprise that are implicated in widespread patterns of addiction in western society.
Using primary and secondary documents, the paper takes an historical approach to begin understanding how Friedman's free market ideas helped bring together disparate conservative groups, and how these groups became united in influencing contemporary education reform.
Supporters of the free-market ideology in education answer this question by arguing that the necessary conditions for a free market do not exist.
He's traveled the world to document how similar underclasses were created by large entities like World Bank, and FLAT BROKE IN THE FREE MARKET: HOW GLOBALIZATION FLEECED WORKING PEOPLE offers damning evidence of the rituals and results of a free global economy.
Is a completely free market truly the best way to do things?