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
Famous quotes containing the words free and/or market:
“When we our betters see bearing our woes,
We scarcely think our miseries our foes.
Who alone suffers, suffers most i’ the mind,
Leaving free things and happy shows behind.
But then the mind much sufferance doth o’er skip,
When grief hath mates, and bearing fellowship.”
—William Shakespeare (1564–1616)
“Talk of a divinity in man! Look at the teamster on the highway, wending to market by day or night; does any divinity stir within him? His highest duty to fodder and water his horses! What is his destiny to him compared with the shipping interests?”
—Henry David Thoreau (1817–1862)