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 ?
In the Pakistani market, the corporations following a market oriented approach are perhaps the telecommunication companies as they specifically target each segment with a different package plan.
The Chinese postal service would be only too happy to work with a market oriented logistics provider offering high quality services worldwide.
TVK) of Hungary announced Thursday they have reached an agreement to manufacture and market oriented polypropylene (OPP) flexible packaging films.
With the addition of the Ontario facility the company said it would have market oriented coil processing facilities serving all major Canadian markets except for Quebec although it did expect to sell specialty items in Quebec as well.
Beckett Technologies Corporation headquartered in Ontario, Canada, is a market oriented company applying proprietary processes for the design and manufacture of value-added microwave antennae and specialized electrical circuit systems.