market economy

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Market Economy

A social and economic system in which prices are fixed by the law of supply and demand rather than by a government or other body. In its pure form, a market economy is an economy absent of government subsidies, incentives, or regulations. A market economy contrasts with both a planned economy and a mixed economy. No economy is a complete market economy: most countries claiming to have market economies in fact have a market economy combined with greater or lesser government regulation, sometimes called a social market. Proponents of a market economy argue that it is more efficient than any alternatives, promotes fair competition between its participants, and rewards skill and hard work. Critics allege that a market economy perpetuates class differences and rewards ruthlessness over actual labor. Milton Friedman, Friedrich Hayek, and Ludwig von Mises were three major 20th-century proponents of the market economy. See also: Capitalism, socialism, John Maynard Keynes.

market economy

see PRIVATE-ENTERPRISE ECONOMY.
References in periodicals archive ?
Becoming market oriented also means that the corporation keeps its customers at the centre of its decision-making process, strives to create superior customer value, follows the holistic marketing concept, continuously observes and adapts its products according to the changing consumer trends, keeps on innovating its products and create strategies to sustain competitive advantage.
Although I believe that he has shown that industrialization significantly extended human control over the environment, I am less sure that the change he shows is so much a radical transformation as an extension of the already radical transformation of scientific and market oriented agriculture which predated the industrial revolution.
At all levels there is a lack of experience, Functional administrative procedures and financial resources to develop and implement a labor market oriented, Target group differentiated vet system and to build the appropriate capacities for administration, Control and quality assurance.
Contract award: economic empowerment of the provinces of maniema and south kivu by labor market oriented education, dr congo.
Scope of work : a) to assist banks in creating a responsive financial infrastructure fro SMEs, b) to support a strengthened enabling policy environment for SMEs and c) to support market oriented business development services (BDS)