A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals. It is not just the price mechanism but the entire system of regulation, qualification, credentials, reputations and clearing that surrounds that mechanism and makes it operate in a social context.
Because a market system relies on the assumption that players are constantly involved and unequally enabled, a market system is distinguished specifically from a voting system where candidates seek the support of voters on a less regular basis. However, the interactions between market and voting systems are an important aspect of political economy, and some argue they are hard to differentiate, e.g. systems like cumulative voting and runoff voting involve a degree of market-like bargaining and tradeoff, rather than simple statements of choice.
Read more about Market System: Types, Protocols, Importance of Trust
Famous quotes containing the words market and/or system:
“Forbede us thing, and that desiren we;
Preesse on us faste, and thanne wol we flee.
With daunger oute we al oure chaffare:
Greet prees at market maketh dere ware,
And too greet chepe is holden at litel pris.”
—Geoffrey Chaucer (1340?–1400)
“Fear, coercion, punishment, are the masculine remedies for moral weakness, but statistics show their failure for centuries. Why not change the system and try the education of the moral and intellectual faculties, cheerful surroundings, inspiring influences? Everything in our present system tends to lower the physical vitality, the self-respect, the moral tone, and to harden instead of reforming the criminal.”
—Elizabeth Cady Stanton (1815–1902)