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 ?
Only pro-market reforms can reverse this course and pave the way for another 15 years of healthy and comparatively rapid development.
Eurelectric, the association representing the interests of the electricity industry at pan-European level, said in a statement it shares the "pro-market approach" expressed in the documents.
In After Neoliberalism?, Flores-Macias attempts to make sense of what happened across Latin America in his youth following the 1980s and 1990s pro-market reforms.
A key feature of the book is Zingales's reminder that being pro-market is different from being pro-business.
Existing tensions between liberal and Islamist parties will be replaced by common interests; the Brotherhood will find good allies in economic policy in smaller pro-market parties across the aisle.
The UK's ageing population threatens to overwhelm politicians' efforts to get spending under control and bring down the national debt, said the report from pro-market thinktank Reform.
The Davos consensus will only survive in the fabulously wealthy petrocurrency enclaves of the Gulf, such as UAE and Qatar, where ruling elites can afford the luxury of pro-market capitalism.
The policy paper (called a Communication) confirms a policy switch from the pro-market previous agriculture Commissioner Mariann Fischer Boel, to her more conservative replacement Romania's Dacian Ciolo?.
"Geithner is actually a pretty pro-market guy," the senator said.
Beginning in the 1990s, pro-market health care reform in New York advocated free market competition, encouraged entrepreneurship within the education industry, and stressed health system efficiency through principles of autonomy and individualism.
The pro-market concept of reform was misguided in its priorities and its 'model' of the specific economy." It had puzzled the means i.e.
India said its fiscal deficit would widen as it increases spending on infrastructure and help for farmers, disappointing investors who had hoped the new government would use its strong reelection mandate to usher in a wave of pro-market reforms.