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:
“To assault the total culture totally is to be free to use all the fruits of mankind’s wisdom and experience without the rotten structure in which these glories are encased and encrusted.”
—Judith Malina (b. 1926)
“At market and fair, all folks do declare,
There is none like the Boy that sold Broom, green Broom.”
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