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:
“Good and evil are so close as to be chained together in the soul. Now suppose we could break that chain, separate those two selves. Free the good in man and let it go on to its higher destiny.”
—John Lee Mahin (1902–1984)
“To market ‘tis our destiny to go.”
—Robert Frost (1874–1963)