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 market, free and/or market:
“American future lies in the East. The great free markets of the Pacific Rim are the American destiny.”
—Donald Freed, U.S. screenwriter, and Arnold M. Stone. Robert Altman. Richard Nixon (Philip Baker Hall)
“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)
“Ae market night,
Tam had got planted unco right,
Fast by an ingle, bleezing finely,
Wi’ reaming swats that drank divinely;”
—Robert Burns (1759–1796)