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 ?
That's the free market economics that have given us cancelled Ryanair flights, rip-off power prices and broadband charges to make an Opec oil cartel blush.
However, I have also come to realise that free market economics is by far the most successful societal model in the history of civilisation.
For one night only we are transported back to the brave new world of free market economics and massive shoulder pads, to relive the 10 years that changed everything.
In 1992, when the Soviet Union collapsed after the failed KGB putsch against Gorbachev, Yeltsin's Russia inherited 8,000 judges (Soviet trained, in the mumbo jumbo of Marxist dialectics, not contract law or free market economics) and 250,000 KGB agents.
He told activists: "The Tories have a strange, split personality which embraces, on one hand, free market economics and, on the other, nationalism."
Free Market Economics: An Introduction for the General Reader, 2nd Edition
IN A delicious irony, two highpowered groups of eight members each converged at the Yojana Bhawan on Tuesday to dismantle the institution that remains the last bastion of socialism in a country which professes to practice free market economics.
Pope Francis' Evangelii Gaudium ("The Joy of the Gospel") explicitly condemned free market economics with an epithet against "trickle-down" economics that caught global headlines, even though the Pope's "apostolic exhortation" wasn't really about economics.
of Leeds, UK) questions the "trickle down" moral justification for free market economics by 'job creators.' He presents the views of many experts in this monograph arguing that the rising levels of economic inequality correlates highly with social inequalities.
There should be no shame in cherry-picking the finest fruit from the trees of both free market economics and social democracy.
Asia, he said, was committed to free market economics, the mastery of science and believed in meritocracy at a time when the West was moving backward.
Its anti-Western rhetoric, its foreign policy choices and its attacks on free market economics advertise its traditional hostility towards the EU which is no secret.