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 ?
He painstakingly explains his method for assigning a value to each country for its policies on a negative to positive scale, corresponding with statist to pro-market shifts.
Ducey's main argument is that the pro-market approach failed to address key structural issues related to health system reform.
The fact that economic reforms, particularly opening of economy or pro-market reforms, have increased inequality and is against standard economic theory.
So pro-market advocates embraced the considerably less controversial alternative of charter schools that could operate outside of established rules governing the public school system.
Students who believe they have control over their environment are more likely to be pro-market than are students who believe they have no control over their success.
The current Communist party has led denunciations of the vandalism, but as the Budapest Sun notes (May 9), even the pro-market Free Democrats are saying, "Courage was needed to resist the living Kadar, but this crime is a .
Both markets ask punters to decide what Beckham will do first and on the pro-market the most likely first occurrence is that Beckham will win a free-kick or a corner.
The once war-torn country has grown into arguably the most pro-market, pro-U.
We first estimate a single-equation probit model to understand determinants of pro-market attitudes before teacher training.
Or will he be Ming the Merciless who, having been backed by the 'Orange Book' tendency of pro-market Lib-Dems, will ruthlessly ditch the old social liberalism loved by the party's members?
Early passages suggest Vargas Llosa's libertarianism--which took him politically from Marxism to pro-market liberalism--was fed by his hostility to his authoritarian father.
The pro-market Civic Platform has long enjoyed the lead in opinion polls, after campaigning on a platform to reduce state bureaucracy and push for 15 per cent flat-rate income tax.