Free Market

(redirected from Free markets)
Also found in: Dictionary.

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 ?
Take "Myth 1: America Has Free Markets." That is a myth because of market failures and "giant corporations," he explains.
The morality of free markets, with its non-coercive principle, is seen as superior to coercion (on land or on water).
As I noted earlier, Gruden and Asmus claim that the free market is a God-given process, and they see free markets and limited government as supported in the Bible.
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 organization, which annually publishes an evaluation report on the free markets,from the perspective of suppliers, depicted BIA duty free market's as "one of the best" in terms of sales, market share and the relationship with suppliers.
Burgin (history, Johns Hopkins U.) presents an intellectual history of how free market advocacy recovered from retrenchment in the wake of the Great Depression in order to return to a dominant position in the Anglo-American public sphere by the 1980s.
Alan Greenspan's gloating over the perceived supremacy of free market capitalism is utterly misguided.
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.
To his credit, Bremmer urges Democrats, who tend to prefer a greater role for government intervention in the economy, to speak up for free markets, but the problem requires much more than political rhetoric.
But given recent questions regarding the merits of free markets after the 2008-2009 financial crisis, the need for job growth and economic stability in less than democratic regimes, and the growth of the economies and influence of state capitalist countries, this form of capitalism has gained momentum worldwide.
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.
In other words, free markets have usually been found to cause schools to adopt conservative, well-established practices (Cibulka, 1997; Adnett and Davies, 2000; Lubienski, 2005).