Free Market

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 MarketOverview, Studies, Misconceptions, Criticisms

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Famous quotes containing the words market and/or free:

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    And too greet chepe is holden at litel pris.
    Geoffrey Chaucer (1340?–1400)

    What blessings thy free bounty gives
    Let me not cast away;
    For God is paid when man receives,
    To enjoy is to obey.
    Alexander Pope (1688–1744)