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 ?
Decades of cheap state-subsidized goods during the regime of Saddam Hussein have given way to a market-oriented economy in the wake of the 2003 U.S.-led invasion.
A rising star in terms of wealth creation, China's transition to a market-oriented economy is producing a stream of 'nouveau riche' and China's millionaires club is expanding rapidly.
Hale spoke about the positive changes that Jordan has witnessed over the past years, and the new phase of development characterized by a market-oriented economy capable of attracting large multimillion-dollar projects, deeper integration-across sectors and increased competitiveness, where environmental protection and research and development activities are opening the door to new, superior business opportunities.
First, how successful were the reforms and how does that balance the opposing stand of capitalist-inspired market-oriented economy versus the central-planning economy practised by the CPV all along?
Since the 1970s, China's economy has changed dramatically: from a centrally planned system, largely closed to international trade, to a market-oriented economy with a rapidly growing private sector.
Despite the challenges of reconciling the socialist state and market-oriented economy, closing the large regional income gap, and alleviating the high non-performing asset problem, China will manage to grow faster than the Indian economy--which will also grow fast--until it reaches a per capita income level of, say, $4,000-$5,000.
Agency for International Development (USAID) has focused the Cash Transfer Program in Egypt on supporting economic reform activities to move Egypt toward a more liberal and market-oriented economy. USAID has provided funds to Egypt's government as it completed agreed-on economic reform activities.
Saw Maung took over the military government in 1988 and his ''State Law and Order Restoration Council'' abolished the 1974 Socialist Constitution and declared a freer, market-oriented economy.
Peretz came from behind to oust Peres, acting party chairman and vice-prime minister, after a campaign that he focused towards Israelis who believe they have lost out in moves towards a more market-oriented economy. Peres, who took Labour into the Sharon-led coalition in order to help push through this year's Israeli withdrawal from Gaza, is the oldest member of the 120-member Knesset and the best-known Israeli statesman abroad.
While those who have visited the country in recent years can confirm major shifts towards a market-oriented economy, we should be equally quick to caution others who express sentiments that parallel those of the Gold Rush Days in California.
The book is divided into three parts: 'Vietnamese society in the early twentieth century', 'Vietnamese intellectuals: Contesting colonial power', and 'Postcolonial Vietnam: From a welfare state to a market-oriented economy'.
governments enacted a series of reforms to establish a more market-oriented economy, closer to the American model and further away from its Western European competitors.