Free Market
It has been defined as an idealized market system based upon the principle of laissez-faire, as, for example, envisioned by Frédéric Bastiat.
Currently, is a market system (see below). In fact, while the use of “free market” is wide-spread, the “free” is meaningless. All market systems are regulated to a large extent.
Summary of Free Market Economy
The economic system of a nation in which market forces determine which goods and services are produced, and at what price they are offered. Free market economies do not contain substantial government controls on resource availability, price levels, or central planning of economic objectives. (Main Author: William J. Miller)
Market System
It is an economic system whereby decision making is distributed among the market participants, each seeking to maximize his return based on competition with the other market participants.
Market systems have always been regulated to some degree, as a truly free market has never appealed to those in power. Market systems, in the history of the last 2 centuries, have proved more efficient and responsive to change than systems based upon centralized decision-making (see socialism).
Resources
See Also
- Interbank Market
- Foreign Market Price
- Free Trade Area
- Free Ships
- Free Goods
- Common Market
- Central American Common Market
- Spot Market
- Fair Market Value
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- Free Astray The free onward movement to the consignee by a common carrier of merchandise that has been erroneously discharged at the wrong terminal.......
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- Free Dispatch A provision in a charter party that precludes payment of Despatch Money (read this and related legal terms for further details) for early release of a vessel.......
- Free Of Turn A condition in a vessel charter party that laytime commences as soon as the ship arrives in port and notice of readiness has been given, irrespective of whether a berth is ready.......
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- Damage Free Car A railcar equipped with a cushioned underframe, adjustable bulkheads, and other special gear to afford added protection to the cargo during transit. This type of car is normally used by shippers of consumer or delicate products.......
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- Free Exercise Clause References See Also Constitutional Law Individual Rights Statutory Protection Individual Rights Resources See Also Constitutional Law Individual Rights Statutory Protection Individual Rights...
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- Market Value Embracing mainstream international law, this section on market value explores the context, history and effect of the area of the law covered here. Resources Further Reading The entry "market value" in the Parry and Grant Encyclopaedic Dictionary of International Law (currently, the [...]...
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- Market-Inalienability ContentsMarket-InalienabilityConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned in these Entries Market-Inalienability Margaret Jane Radin Things that ... Read more...
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- Warranted Free In marine insurance policies, an exclusion of coverage for the named peril. For example, "warranted free of capture and seizure" means the underwriter will assume no responsibility for such losses.......
- Bonds Market Bonds in this SectionBondHow Bonds WorkTypes of BondsIssu......
- Market Failure Market Imperfections or Market Failure and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Imperfections or Market Failure: Often refers to two sources of departure from perfect competition, i.e., [...]...
- Market Power Market Power and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Power: The ability of an individual firm to exert control over prices prevailing in the markets for its products or services. The highest [...]...
- Market Performance Market Performance and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Performance: The principal focus of competition policy, market performance refers to the degree to which a particular industry or [...]...
- Grey Market Grey Market in International Trade Meaning of Grey Market, according to the Dictionary of International Trade (Global Negotiator): A situation that consists of unauthorized traders buying and selling a company's product in different countries. Companies confronted with a grey situation can [...]...