A free market is a market where the price of a good or service is, in theory, determined by supply and demand, rather than by governmental regulation. A free market contrasts with a controlled market or regulated market, where price, supply or demand are subject to regulation or direct control by government. An economy composed entirely of free markets is referred to as a free-market economy.
Although in contemporary usage free markets are commonly associated with capitalism, free markets have been advocated by socialists and have been included in various different proposals for market socialism.
Read more about Free Market: Overview, Studies, Misconceptions, Criticisms
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“It is part of the nature of consciousness, of how the mental apparatus works, that free reason is only a very occasional function of people’s “thinking” and that much of the process is made of reactions as standardized as those of the keys on a typewriter.”
—John Dos Passos (1896–1970)
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—Ralph Waldo Emerson (1803–1882)