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:
“The real American type can never be a ballet dancer. The legs are too long, the body too supple and the spirit too free for this school of affected grace and toe walking.”
—Isadora Duncan (1878–1927)
“I refuse to be. In
the madhouse of the inhuman
I refuse to live.
With the wolves of the market place
I refuse to howl ...”
—Marina Tsvetaeva (1892–1941)