Free Market

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Related to free marketeers: Unregulated market

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 marketeers assume that all prices magically adjust until they reflect commodities' relative scarcity.
The Premier League's free marketeers, bulk importers of foreign talent, must give us something to shout about as Europe's elite tournament kicks off in earnest this week.
With free marketeers' near-monopoly on the Nobel Prize in economics (Milton Friedman, Friedrich Hayek, James Buchanan, and many more), the collapse of the Soviet Union, the rout of Hillarycare, and the willing embrace of market logic by the Clinton and Blair governments, the Right by the mid-1990s reveled in a triumphalism (remember the End of History?) that became complacency--the first step to hubris.
The most obvious indication of this came a few weeks ago when Lord Heseltine, the arch-interventionist of Tory politics in an era where the free marketeers held sway, published his No Stone Unturned report.
We might ask Lehrer and his fellow "free marketeers" what the compensation of physicians in the U.S.
The example of Eastern Europe's progress from communism to liberal democracies is invoked by free marketeers as a template for what they say needs to happen in Tunisia, Egypt and Libya after their successful popular uprisings.
The balance of power in Brussels is likely to remain with the free marketeers because the EU treaty puts the Commission in the driver's seat on trade.
Meanwhile, some free marketeers have proposed an economicist ethics instead of an ethics of economics.
Reviled by free marketeers and civil libertarians alike, the National Identity Register would be top of the Tory hit list.
"We are all, by nature, free marketeers and are uncomfortable and suspicious of government intervention, but the car industry is a special case.
While even many of the world's most ardent free marketeers acknowledged the need for the recent coordinated bailout of European banks, Mr.
Reagan, the myth goes, kept together the three "legs" of the GOP "stool": social conservatives, free marketeers, and national security hawks.