Free Market

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Related to Free Market Economies: Mixed economies

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 ?
A particularly interesting example of this is the book's discussion of the role religion could play in the emergence of former command economies into free market economies.
But evidence that Russians do associate the values of free market economies and democratic governance with Western-style democracy means there is hope for Western leaders who believe their countries can serve as models for democratic reform within Russia.
We believe e-Learning can efficiently enhance lifelong learning and support economic development, especially in new member countries transitioning from former socialistic to free market economies.
Business organizations are also facing external pressures from the aging demographics profile in the United States and from growth in free market economies globally.
He takes Chile and Mexico for case studies as the most successful examples among Latin American countries during the three decades: the 1970s, during which politcal and economic trafectories diverged; the 1980s, crisis years when trajectories converged; and the 1990s, which saw the development of electoral democracy and free market economies.