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 ?
But both of those phenomena are explained by the fact that we have been led to market society by the powerful interests that benefit from it.
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.
Your Local Farmers' Market Society, originally named the East Vancouver Farmers' Market Society, was founded in 1995.
The author expressly seeks to examine the effects of the transformation to a post-Fordist market society on crime.
During the Renaissance and Enlightenment, critics of commercialization frequently objected to the "softness" and "effeminization" engendered by market society.
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.
1 of the GCC works, there is provided a preparation period of one month from the date of notification of market society occurs earlier.
The conventional wisdom on culture is that, while the free associations of a market society can generate wealth, they cannot generate taste.
They cover the discovery of modern market society, governing the markets, and utopian imagination and radical reforms.
In short, this was a curriculum that prepared students to enter market society with basic skills, but did not presume any need for a broad knowledge of the world or for any preparation for advanced study.
Technological progress in a free market society means that on the whole the benefits exceed the costs, so that society is better off, even if the improvement is not "Pareto-superior," as the economists like to say.