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 ?
Malone chastised critics of broadband deregulation that attribute the misfortunes of CLECs to the introduction of Tauzin-Dingell and other pro-market reforms.
Ostensibly pro-market conservatives are among the last ones to sell capitalism for what it is: a realm of groovy freedom filled with a dizzying and ever-expanding panoply of strange and wonderful and disturbing lifestyles and identities in which even the lousiest jobs can buy enormous amounts of leisure and the coolest movies, music, video games, and whatever else you want.
Michael De Alessi, director of the Center for Private Conservation at the pro-market Competitive Enterprise Institute, points to New Zealand, where fisheries were privatized in 1986.
As long as the market is booming, they'll be pro-market.
As Bill Bennett's periodic jeremiads against advertising that exhort consumers "to break the rules" and "to peel off inhibitions" suggest, ostensibly pro-market conservatives are among the last ones to sell capitalism for what it is: a realm of groovy freedom filled with a dizzying and ever-expanding panoply of strange and wonderful and disturbing lifestyles and identities in which even the lousiest jobs can buy enormous amounts of leisure and the coolest movies, music, video games, and whatever else you want.
Poland has seen its economy, the largest in ex-communist central Europe, expand by nearly 50 percent in the last decade, with the pro-market Civic Platform focusing on trying to make the most of EU aid and combining green field investment with fiscal prudence.
Civic Platform, the pro-market party that governed for the last eight years, got 24.
Having reluctantly conceded to negotiating a third bailout from international lenders on stringent terms, Tsipras must face down a rebellion in his anti-austerity Syriza party to push sweeping pro-market reforms and spending cuts through parliament.
In a message on twitter Georghiades said: "My message at Eurogroup: Cyprus edging out of recession, with pro-reform, pro-market agenda & growth-friendly fiscal consolidation".
The project will achieve its goal through four interrelated and reinforcing components: improved agricultural productivity; strengthened private sector capacity to improve access to appropriate technologies by farmers; an improved pro-market policy environment to enhance market efficiencies; and strengthened support systems to facilitate economic and agricultural sustainability.
In reality, UKIP's radical pro-market policies will benefit the rich elite, " The meeting will be on Monday at the Newcastle Arts Centre on Westgate Road at 7.
org is run by tech policy researchers at the Mercatus Center, a pro-market think tank at George Mason University.