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xoxoxoBruce · 02-20-2020, 01:15 PM

Free Market

Oxford
noun
an economic system in which prices are determined by unrestricted competition between privately owned businesses.

Investopedia
The free market is an economic system based on supply and demand with little or no government control. ... Free markets are characterized by a spontaneous and decentralized order of arrangements through which individuals make economic decisions.

In a free market economy, the law of supply and demand, rather than a central government, regulates production and labor. ... For example, while the U.S. allows companies to set prices, and workers negotiate wages, the government establishes parameters, such as minimum wages and antitrust laws, that must be followed.

They both are involved in determining the price and production of goods and services. On one hand, capitalism is focused on the creation of wealth and ownership of capital and factors of production, whereas a free market system is focused on the exchange of wealth, or goods and services.

WIKI
In a free market, the laws and forces of supply and demand are free from any intervention by a government or other authority and from all forms of economic privilege, monopolies and artificial scarcities.

How is Joe-small-business going to fight Faceless-megacorp using privilege-monopoly-scarcity without the government?
Sue them? You'd be destitute before their lawyers ink dried.
Fair and impartial Judge? Who chooses him/her? Who pays him/her?
Your utopian vision of free market is doomed from the start without the government clout.

02-20-2020, 01:15 PM	#370
xoxoxoBruce The future is unwritten Join Date: Oct 2002 Posts: 71,105	Free Market Oxford noun an economic system in which prices are determined by unrestricted competition between privately owned businesses. Investopedia The free market is an economic system based on supply and demand with little or no government control. ... Free markets are characterized by a spontaneous and decentralized order of arrangements through which individuals make economic decisions. In a free market economy, the law of supply and demand, rather than a central government, regulates production and labor. ... For example, while the U.S. allows companies to set prices, and workers negotiate wages, the government establishes parameters, such as minimum wages and antitrust laws, that must be followed. They both are involved in determining the price and production of goods and services. On one hand, capitalism is focused on the creation of wealth and ownership of capital and factors of production, whereas a free market system is focused on the exchange of wealth, or goods and services. WIKI In a free market, the laws and forces of supply and demand are free from any intervention by a government or other authority and from all forms of economic privilege, monopolies and artificial scarcities. How is Joe-small-business going to fight Faceless-megacorp using privilege-monopoly-scarcity without the government? Sue them? You'd be destitute before their lawyers ink dried. Fair and impartial Judge? Who chooses him/her? Who pays him/her? Your utopian vision of free market is doomed from the start without the government clout. __________________ The descent of man ~ Nixon, Friedman, Reagan, Trump.