Free Market

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Free Market

A system of economics that minimizes government intervention and maximizes the role of the market. According to the theory of the free market, rational economic actors acting in their own self interest deal with information and price goods and services the most efficiently. Government regulations, trade barriers, and labor laws are generally thought to distort the market. Proponents of the free market argue that it provides the most opportunities for both consumers and producers by creating more jobs and allowing competition to decide what businesses are successful. Critics maintain that an unfettered free market concentrates wealth in the hands of a few, which is unsustainable in the long term. In practice, no country or jurisdiction has a completely free market. See also: Deregulation, Classical economics, Keynesian economics, Marxism, Monetarism, Chicago School, Austrian School.
References in periodicals archive ?
Free enterprise capitalism is based on voluntary exchange and the cooperation of individuals (Friedman 1962).
Other Free Enterprise Group members include Matthew Hancock, a George Osborne ally, and Nadhim Zahawi, the PM's business adviser who charged taxpayers for electricity at his stables.
In all of the previous studies of freshman college students on this issue it was found that more students were able to identify Karl Marx as the founder of communism than could identify Adam Smith as the synthesizer and significant proponent of the free enterprise system.
Obviously by "free enterprise," Sunstein does not mean actual free enterprise; he means a mixed economy in which government confiscates wealth and regulates business.
The Battle is both a manifesto on behalf of the free enterprise system and a call to action for Americans to rally against the threats to it now emanating from Washington.
"Hariri was a person I admired and he warned me about mixing politics with free enterprise on a personal level," Sawiris recalled.
Chamber's "American Free Enterprise. Dream Big" campaign, an effort to spur the creation of 20 million jobs nationwide over the next decade.
If the Court sides with the plaintiffs, headed by a group called the Free Enterprise Fund, Congress may have to reopen SOX and rewrite the PCAOB member appointment process.
The members of the American Pipeline Contractors Association (APCA), an association of Merit Shop Contractors, strongly believe in (1) the freedom of workers to choose whether to work for union or nonunion contractors without intimidation, and (2) free enterprise for business.
Events over the past few years have challenged our free enterprise system, as well as our economic stability.
In recent years, it appears that the winner in the contest between capitalism and communism is capitalism or the free enterprise system.
While it took the colonists weeks to cross the treacherous Atlantic, the abundance provided by free enterprise allows Americans today to travel around the world in a day.

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