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.
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.
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.
It seems strange that he and his fellow Calgary neoliberals should still be trying to build "a Hayekian Jerusalem" in Canada after two years in which the inadequacies of deregulation and free market economics have been so abundantly demonstrated.
At a time when free market economics and de-industrialisation is shaping so much in Welsh society, the Assembly can provide that vital Welsh perspective to understand the chronic problems we face.
Our mutual attachment to free market economics and traditional values also underline the similarities in our approach to creating a prosperous and conflict-free international community.
And would anyone like to see a return to the savage free market economics of the Thatcher era when countless struggling firms were required to be competitive over night and quickly went to the wall?
Conservatives base their support on time-tested economic principles initially set forth by Adam Smith, the founding father of free market economics.
India's administrators and advocates of free market economics well understand that the Chinese model of growth, that bulldozes all opposition to implement executive decisions issued from the top, cannot be adopted, primarily because of its democratic set-up.