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 ?
Modernism and the Culture of Market Society reads Wyndham Lewis's Tarr, Eliot's The Waste Land, and Joyce's Ulysses in depth.
The Virtuous Marketplace offers fresh and compelling insights into the market's role in forging new definitions of femininity and masculinity as well as into the uses of gender in France's difficult assimilation to market society.
Market Society, but they view the conquest of intellectual and social
Despite its several flaws, this work is valuable in holding up a balanced and original set of concerns that readers may use in conducting their own evaluations of life in contempoary market society.
Your Local Farmers' Market Society (YLFMS) was recently presented by the CCEC Credit Union with its Roger Inman Memorial Award for Community Economic Development.
The first two chapters outline the nature of these changes, starting with a chapter on the eight crises listed above, and then dedicating an entire chapter to detailing the rise of market society. The remainder of the book explores how these factors have affected such things as the housing market and the situation of youth, and turned the criminal justice system itself into a quasi-privatized market.
28) Showmen and their audiences were "playing with fraud," taking the anxieties and fears of an emerging market society and making them into a new popular culture in which deception and illusion were absolutely central.
Taylor argues that these assorted crises are ultimately overdetermined by the rise of a post-Fordist market society characterized by, among other things, the increasing commodification of society and a more prominent role for the private sector in all walks of life.
During the Renaissance and Enlightenment, critics of commercialization frequently objected to the "softness" and "effeminization" engendered by market society. Rousseau, the archenemy of modern civil society, feared that martial virtue would decline, and wanted to use shame and fame to recreate his ideal Spartan community.
Rates of poverty among older Americans are lower than other segments of the population, but precisely because Social Security has played a role in mitigating the worst inequalities and vicissitudes of a market society. We should not resolve the very real problems of the young by weakening a safety net that has served its purposes.
Tenders are invited for Establishment of Supply Chain Management at Paramakudi RM, Mudukulathur RM and Kamuthi Co-Operative Market Society Premises in Ramanathapuram District.
Scholars of education describe how public education is being sucked into a market society in which citizenship is consumption, the public good is the maximization of private gain for a very few, and everything and everyone is a commodity from which surplus value must be extracted.