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Encyclopedia > Market economy

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Economic systems
Image File history File links Broom_icon. ... An economic system is a particular set of social institutions which deals with the production, distribution and consumption of goods and services in a particular society. ...

Ideologies and Theories

Capitalist economy
Communist economy
Corporate economy
Fascist economy
Laissez-faire
Mercantilism
Natural economy
Primitive communism
Social market economy
Socialist economy
For other uses, see Capitalism (disambiguation). ... This article is about communism as a form of society, as an ideology advocating that form of society, and as a popular movement. ... Historically, corporatism or corporativism (Italian: corporativismo) refers to a political or economic system in which power is given to civic assemblies that represent economic, industrial, agrarian, social, cultural, and professional groups. ... The economics of fascism refers to the economic policies implemented by fascist governments. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Mercantile redirects here. ... Natural economy refers to a type of economy in which money is not used in the transfer of resources among people. ... Primitive communism, according to Karl Marx and Friedrich Engels, is the original society of humanity. ... The Social market economy was the German and Austrian economic model during the Cold War era. ... Socialist economics is a broad, and sometimes controversial, term. ...

Sectors and Systems

Closed economy
Dual economy
Gift economy
Informal economy
Market economy
Mixed economy
Open economy
Participatory economy
Planned economy
Subsistence economy
Underground economy
Virtual economy
An autarky is an economy that limits trade with the outside world, or an ecosystem not affected by influences from the outside, and relies entirely on its own resources. ... A dual economy is the existence of two separate economic systems within one country. ... A gift economy is an economic system in which goods and services are given without any explicit agreement for immediate or future quid pro quo. ... A mixed economy is an economy that has a mix of economic systems. ... An open economy is an economy in which people, including businesses, can trade in goods and services with other people and businesses in the international community at large. ... Participatory economics, often abbreviated parecon, is a proposed economic system that uses participatory decision making as an economic mechanism to guide the allocation of resources and consumption in a given society. ... This article refers to an economy controlled by the state. ... Media:Example. ... This box:      The underground economy or shadow economy consists of all commerce that is not taxed. ... A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual persistent world, usually in the context of an Internet game. ...

Related articles

Anglo-Saxon economy
American School
Global economy
Hunter-gatherer economy
Information economy
New industrial economy
Palace economy
Plantation economy
Token economy
Traditional economy
Transition economy
Anglo-Saxon economy or Anglo-Saxon capitalism (so called because it is largely practiced in English speaking countries such as Australia, the United Kingdom and the United States) is a capitalist macroeconomic model in which levels of regulation and taxes are low, and the quality of state services and social... The American School, also known as National System, represents three different yet related things in politics, policy and philosophy. ... The rise of technology has allowed our environment to be characterized as a global one. ... In anthropology, the hunter-gatherer way of life is that led by certain societies of the Neolithic Era based on the exploitation of wild plants and animals. ... Information economy is a loosely defined term to characterize an economy with increased role of informational activities and information industry. ... Countries currently considered NICs. ... A palace economy is a system of economic organisation in which wealth flows out from a central source (the palace), eventually reaching the common people, who have no other source of income. ... A plantation economy is an economy which is based on agricultural mass production, usually of a few staple products grown on large farms called plantations. ... A token economy is a system of behavior modification based on the principles of operant conditioning. ... A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools. ... A transition economy is an economy which is changing from a planned economy to a free market. ...

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A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets (though completley useless to some dumbasses) guided by a free price system.[1][2] In a market economy, businesses and consumers decide of their own volition what they will purchase and produce. Technically this means that the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, what to pay employees, etc., and not the government. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand. This is often contrasted with a planned economy, in which a central government decides what will be produced and in what quantities.[3] Image File history File links Portal. ... An economic system is a particular set of social institutions which deals with the production, distribution and consumption of goods and services in a particular society. ... A good in economics is any physical object (natural or man-made) or service that, upon consumption, increases utility, and therefore can be sold at a price in a market. ... This article is about a term used in economics. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... A free price system or free price mechanism (informally called the price system or the price mechanism) is an economic system where prices are not set by government or a central planning board but by the interchange of supply and demand, with the resulting prices being understood as signals that... This article refers to an economy controlled by the state. ...


No pure market economy exists. Thus, almost all economies in the world today are mixed economies which combine varying degrees of market and command economy traits. For example, in the United States there are more market economy traits than in Western European countries.[4] A mixed economy is an economy that has a mix of economic systems. ... A current understanding of Western Europe. ...

Contents

Spontaneous order or "Invisible hand"

Friedrich Hayek, and other classical liberals, have argued that market economies allow spontaneous order; that is, "a more efficient allocation of societal resources than any design could achieve."[5] According to this view, in market economies sophisticated business networks are formed which produce and distribute goods and services throughout the economy. This network was not designed, but emerged as a result of decentralized individual economic decisions. Supporters of the idea of spontaneous order trace their views to the concept of the invisible hand proposed by Adam Smith in The Wealth of Nations who said that the individual who: Friedrich August von Hayek, CH (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ... Spontaneous order is a term that describes the spontaneous emergence of order out of seeming chaos. ... For other uses, see Invisible hand (disambiguation). ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ...

"intends only his own gain is led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for society that it was no part of it. By pursuing his own interest [an individual] frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the [common] good." (Wealth of Nations) An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. ...

Supporters of this view claim that spontaneous order is superior to any order that does not allow individuals to make their own choices of what to produce, what to buy, what to sell, and at what prices, due to the number and complexity of the factors involved. They further believe that any attempt to implement central planning will result in more disorder, or a less efficient production and distribution of goods and services.


Free market economy

Main article: Free market

A true free market economy is an economy in which all resources are owned by individuals, and in which decisions about the allocation of those resources are made by individuals without government intervention.[6] A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Image File history File links Emblem-important. ...


The United States has restrictions on the attainment of monopoly, but also grants monopoly rights in some cases. Fewer restrictions are found in other countries, such as in Hong Kong and Singapore, according to the Index of Economic Freedom. Map of Economic Freedom released by the Heritage Foundation. ...


Free markets are also conflated with anarchy as many people believe that free market implies an absence of government. Only a few free market scholars advocate the elimination of government; most have believed government had a role to play, albeit a limited one (notably Adam Smith and Milton Friedman). Even anarcho-capitalists believe in the rule of law (either natural or contract) being defended by voluntarily-funded institutions For other persons named Adam Smith, see Adam Smith (disambiguation). ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... Anarcho-capitalism is a view that regards all forms of the state as unnecessary and harmful, particularly in matters of justice and self-defense, while being highly supportive of private property. ... The Politics series Politics Portal This box:      The rule of law, in its most basic form, is the principle that no one is above the law. ...


Most free market scholars[Who?] believe that governments should be limited to at least: operating a court system for the settlement of disputes, maintaining stable currency (combating inflation), protecting market competition and consumers, and protecting the country through national defense. These scholars debate and disagree with each other on whether or not governments are necessary to have government funded roads, schools, post offices, libraries, police stations, and fire stations, as some free market scholars believe the market can solve their externalities.


Although no country has ever had within its border an economy in which all markets were absolutely free, the term is typically not used in an absolute sense. Many states which are said to have a capitalist system have a high level of market freedom, even if it is less than some would prefer.


Decision making

The "economy" is usually associated with capitalism. For other uses, see Capitalism (disambiguation). ...


Generally market economies are bottom-up in decision-making as consumers convey information to producers through prices paid in market transactions. For a brief time during the 20th century, even self-described capitalist states engaged in top down market command where the government and or producers attempted to command and direct resources to valued uses. All states today have some form of control over the market that removes the free and unrestricted direction of resources from consumers and prices such as tariffs and corporate subsidies. Milton Friedman and many other microeconomists believe that these forms of intervention provide incentives for resources to be sent, and sometimes wasted, producing products society may not value as much as a product that is, as a result of these restrictions, not being produced in many ways. A tariff is a tax placed on imported and/or exported goods, sometimes called a customs duty. ... A subsidy is generally a monetary grant given by government in support of an activity regarded as being in the public interest. ... In general, the economic value of something is how much a product or service is worth to someone relative to other things (often measured in money). ...


However, the term "market economy" is not exclusive to traditional capitalist ownership where a corporation hires workers as a labour commodity to produce material wealth and boost shareholder profits. Market mechanisms have been utilized in a handful of socialist states, such as Yugoslavia and even Cuba to a very limited extent. China's government is still run by the Communist Party, but its economy involves considerable private enterprise and market forces in both private and public sectors. It is also possible to envision an economic system based on cooperative, democratic worker ownership and market allocation of final goods and services; the labour-managed market economy is one of several proposed forms of market socialism. Socialism is a social and economic system (or the political philosophy advocating such a system) in which the economic means of production are owned and controlled collectively by the people. ... Market socialism is a term used to define a number of economic system(s) in which the means of production are owned either by the state or by the workers collectively, however unlike traditional socialism there is market that is directed and guided by socialist planners. ...


Market externalities

Main article: Market failure

Examples of situations considered market failures, or externalities, include negative externalities, monopolies, lack of provision of public goods, and social disparities such as extreme poverty. Market failures are the result of the market not receiving enough or appropriate information through signals such as prices. For example, a market may be unable to incorporate the cost or harm pollution causes to society because these costs might be difficult to express by a price mechanism. The perceived inefficiency of market failures is one reason some have thought that limited government intervention is desirable or necessary. Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. ... Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. ... An externality occurs in economics when a decision (for example, to pollute the atmosphere) causes costs or benefits to individuals or groups other than the person making the decision. ... This article is about the economic term. ... In economics, a public good is a good that is non-rival and non-excludable. ... For other uses, see Society (disambiguation). ... A boy from an East Cipinang trash dump slum in Jakarta, Indonesia shows what he found. ... Air pollution Pollution is the introduction of pollutants (whether chemical substances, or energy such as noise, heat, or light) into the environment to such a point that its effects become harmful to human health, other living organisms, or the environment. ... A price mechanism or market-based method is any of a wide variety of ways to match up offers and requests that market players bid and ask: a bid is an offer to pay a fixed amount that is held open for a period of time an ask is an... ...


Milton Friedman believed that many market failures can be solved not through government regulation of current information but through information disclosure. Information disclosure would be a requirement of government law but would not actually seriously regulate how businesses operate. Instead the disclosure of information would allow the market to react to their behaviour by allowing consumers to vote with their dollars given better information about the companies they do business with. The ASCII codes for the word Wikipedia represented in binary, the numeral system most commonly used for encoding computer information. ... For other uses, see Law (disambiguation). ...


Friedman also argued for pollution permits to solve pollution externalities. Selling permits to the public enables the public to demonstrate a price for the harm or benefit caused by pollution. He believed that this type of government intervention allows better flowing information rather than the masking of current information to the market. If people really do value clean air, the information will be absorbed by the market and companies will react more quickly to be environmentally friendly. This power plant in New Mexico releases sulfur dioxide and particulate matter into the air. ...


Friedman believed governments may have a role in correcting market externalities but only if the government is helping solve information transmission problems not masking current information.


Government intervention

It is possible according to some interpretations for a market economy to have government intervention in the economy. The key difference between market economies and planned economies lies not with the degree of government influence but whether that influence is used to coercively preclude private decision.[original research?] In a market economy, if the government wants more steel, it collects taxes and then buys the steel at market prices. In a planned economy, a government which wants more steel simply orders it to be produced and sets the price by decree. An economy where both central planning and market mechanisms of production and distribution are present is known as a mixed economy. Germany's social market economy was one of the better functioning mixed economies, as microeconomists note that it had relatively free prices compared to other more socialist countries like the United Kingdom for much of the later 20th century.[citation needed] “Taxes” redirects here. ... Decree is an order that has the force of law. ... A planned economy is an economic system in which decisions about the production, allocation and consumption of goods and services are planned ahead of time, usually in a centralized fashion, though some proposed systems favour decentralized planning. ... A mixed economy is an economy that has a mix of economic systems. ... The Social market economy was the German and Austrian economic model during the Cold War era. ...


The proper role for government in a market economy remains controversial. Most supporters of a market economy believe that government has a legitimate role in defining and enforcing the basic rules of the market. Different perspectives exist as to how strong a role the government should have in both guiding the economy and addressing the inequalities the market produces. For example, there is no universal agreement on issues such as protectionist tariffs, federal control of interest rates, and welfare programs. For the Wikipedia policy regarding controversial issues in articles, see Wikipedia:Guidelines for controversial articles. ... Legitimacy in political science, is the popular acceptance of a governing regime or law as an authority. ... Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... This article does not cite any references or sources. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... ...


Milton Friedman, along with many microeconomists[Who?], believed that too much government intervention and regulation can result in hampering or stopping the transmission of information necessary to allow the market to operate, resulting in very serious government externalities that can lead to inflation, deflation, recessions, and economic depressions. Milton Friedman believes that the Great Depression was the result of a government created externalities and thus was responsible for the causes of the Great Depression. Deflation (economics) Deflation (data compression) Deflation is the removal of loose soil by eolian (wind) processes This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... In macroeconomics, a Recession is a decline in any countrys Gross Domestic Product (GDP), or negative real economic growth, for two or more successive quarters of a year. ... In economics, a depression is a term commonly used for a sustained downturn in the economy. ... For other uses, see The Great Depression (disambiguation). ... Causes of the Great Depression are still a matter of active debate among economists. ...


Market freedom

Friedrich von Hayek and Milton Friedman stated that economic freedom is a necessary condition for the creation and sustainability of civil and political freedoms. They believed that this economic freedom can only be achieved in a market-oriented economy, specifically a free market economy. They do believe, however, that sufficient economic freedom can be achieved in economies with functioning markets through price mechanisms and private property rights. They believe that the more economic freedom that is available the more civil and political freedoms a society will enjoy. Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid... Civil liberties are protections from the power of governments. ... Freedom is the right, or the capacity, of self-determination, as an expression of the individual will. ... This page deals with property as ownership rights. ...


Friedman states:

"economic freedom is simply a requisite for political freedom. By enabling people to cooperate with one another without coercion or central direction it reduces the area over which political power is exercised." Friedman, Milton and Rose Friedman, Free to Choose: A Personal Statement, Harcort Brace Janovich, 1980, p. 2-3 Free to Choose is both a book (ISBN 0156334607) and a ten-part television series. ...

Studies by the Canadian free market-oriented Fraser Institute, the American free market-oriented Heritage Foundation, and the Wall Street Journal state that there is a relationship between economic freedom and political and civil freedoms to the extent claimed by Friedrich von Hayek. They agree with Hayek that those countries which restrict economic freedom ultimately restrict civil and political freedoms.[7][8] The Fraser Institute is a libertarian think tank based in Canada. ... The Heritage Foundation is one of the most prominent conservative think tanks in the United States. ... The Wall Street Journal is an influential international daily newspaper published in New York City, New York with an average daily circulation of 1,800,607 (2002). ...


Markets and communist states

In the 1980s, most of the planned economies in the world attempted to transform themselves into market economies, for various reasons and with varying degrees of success. In the Soviet Union, this process was known as perestroika while in China the creation of a "socialist market economy" was one element of Chinese economic reform. This article or section does not cite any references or sources. ... Market socialism is an attempt by a Soviet-style economy to introduce market elements into its economic system to improve economic growth. ... Economic reforms have triggered internal migrations within China. ...


Criticism of market economy

There are a variety of critics of the market as an organizing principle of an economy. These critics range from those who reject markets entirely, in favour of a planned economy, such as that advocated by some types of socialism, to those who merely wish to see markets regulated to various degrees, and these range from those who associate markets with greed which they believe to be inherently immoral to those who raise practical objections. One practical objection is the claim that markets wreak havoc through their externalities (things that the market price does not take into account), for example through environmental pollution. Another is the claim that through the creation of monopolies, markets sow the seeds of their own destruction. This article refers to an economy controlled by the state. ... Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community[1] for the purposes of increasing social and economic equality and cooperation. ... For other uses, see Greed (disambiguation). ... Morality (from the Latin manner, character, proper behaviour) has three principal meanings. ... An externality occurs in economics when a decision (for example, to pollute the atmosphere) causes costs or benefits to individuals or groups other than the person making the decision. ... This article is about the economic term. ...


Some proponents of market economies believe that governments should not diminish market freedom because they disagree on what is a market externality and what are government-created externalities, and disagree over what the appropriate level of intervention is necessary to solve market-created externalities. Others believe that government should intervene to prevent market failure while preserving the general character of a market economy. In the model of a social market economy the state intervenes where the market does not meet political demands. John Rawls was a prominent proponent of this idea. Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. ... The Social market economy was the German and Austrian economic model during the Cold War era. ... John Rawls (February 21, 1921 – November 24, 2002) was an American philosopher, a professor of political philosophy at Harvard University and author of A Theory of Justice (1971), Political Liberalism, Justice as Fairness: A Restatement, and The Law of Peoples. ...


Notes and References

  1. ^ "market economy", The New Dictionary of Cultural Literacy, Third Edition. 2002.
  2. ^ "market economy", Merriam-Webster Unabridged Dictionary
  3. ^ Gorman, Tom. The Complete Idiots Guide to Economics, Alpha Books (2003), p. 9
  4. ^ McKinney, Michael L. Environmental Science: Systems and Solutions. Jones and Bartlett Publishers. 2003. p. 481
  5. ^ Hayek cited. Petsoulas, Christian. Hayek's Liberalism and Its Origins: His Idea of Spontaneous Order and the Scottish Enlightenment. Routledge. 2001. p. 2
  6. ^ Susan Grant, Chris Vidler. Economics in Context. Harcourt Heinemann. (2000) p. 19
  7. ^ Heritage Foundation study
  8. ^ Economic Freedom of the World Report by the Frasier Institute

The Fraser Institute is an economically conservative Canadian think tank. ...

Further reading

  • 2007 Index of Economic Freedom, Heritage Foundation and the Wall Street Journal
  • De Soto, Hernando. The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere else, Basic Books, 2000.
  • Economic Freedom of the World Report, The Frasier Institute
  • [1] "The Multidimensional Crisis and Inclusive Democracy" by Takis Fotopoulos, Gordios Athens 2005. (Here an English translation)
  • Friedman, Milton. Capitalism and Freedom, University of Chicago Press, 1962.
  • Friedman, Milton and Rose Friedman. Free to Choose: A Personal Statement, Harcort Brace Janovich, 1980.
  • Hayek, F.A., The Road to Serfdom, University of Chicago Press, 1944.
  • Hayek, F.A. The Constitution of Liberty, University of Chicago Press, 1960.
  • Lindsey, Brink. Against the Dead Hand: The Uncertain Struggle for Global Capitalism, Wiley, 2001.
  • Przeworski, Adam. Democracy and the Market (New York: Cambridge University Press, 1991.
  • Reed, Robert, Max Schanzenbach, "Prices and Information: A Simple Framework for Understanding Economics"
  • Schumpeter, Joseph. Capitalism, Socialism and Democracy. Harper Perennial, 1962.
  • Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations, 1776.
  • Yergin, Daniel, and Joseph Stanislaw. The Commanding Heights: Yhe Battle for the World Economy, Simon and Schuster, 1998.

The theoretical project of Inclusive Democracy (ID; as distinguished from the political project which is part of the democratic and autonomy traditions) emerged from the work of political philosopher, former academic and activist Takis Fotopoulos in Towards An Inclusive Democracy, Cassell/Continuum, London/New York, 1997, 401 pp. ... Takis Fotopoulos (born October 14, 1940) is a Greek political writer and former academic. ...

See also

jerky jerk jerk fat face jerk A free price system or free price mechanism (informally called the price system or the price mechanism) is an economic system where prices are not set by government or a central planning board but by the interchange of supply and demand, with the resulting prices being understood as signals that... The Social market economy was the German and Austrian economic model during the Cold War era. ... Participatory economics, or parecon, a participatory economics system proposed as an alternative to other systems such as capitalism and coordinatorism, emerged from the work of the radical theorist Michael Albert and of the radical economist Robin Hahnel, beginning in the 1980s and 1990s. ... A mixed economy is an economy that has a mix of economic systems. ... Look up Market in Wiktionary, the free dictionary. ... Barter is a type of trade that do not use any medium of exchange, in which goods or services are exchanged for other goods and/or services. ... For other uses, see Capitalism (disambiguation). ... In finance, financial markets facilitate: The raising of capital (in the capital markets); The transfer of risk (in the derivatives markets); and International trade (in the currency markets). ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... A planned economy is an economic system in which economic decisions are made by centralized planners, who determine what sorts of goods and services to produce, and how they are to be priced and allocated. ... A gift economy is an economic system in which goods and services are given without any explicit agreement for immediate or future quid pro quo. ... The theoretical project of Inclusive Democracy (ID; as distinguished from the political project which is part of the democratic and autonomy traditions) emerged from the work of political philosopher, former academic and activist Takis Fotopoulos in Towards An Inclusive Democracy, Cassell/Continuum, London/New York, 1997, 401 pp. ... Self-organization refers to a process in which the internal organization of a system, normally an open system, increases automatically without being guided or managed by an outside source. ... For the school of international relations, see Neoliberalism in international relations. ...


  Results from FactBites:
 
Historical Capitalism vs. The Free Market (1308 words)
Röpke's distinction between the principle of a capitalist or market economy and the historical forms in which capitalism has manifested itself in various times is as important now in the post-Soviet socialist era of the 1990s as when he presented his argument during the zenith of Nazi socialism in the 1940s.
As a consequence, even before all of the implications and requirements for a free-market economy could be fully appreciated and implemented in the 19th century, it was being opposed and subverted by the residues of feudal privilege and mercantilist ideology.
And even as the proponents of the market economy were proclaiming their victory over oppressive and intrusive government in the middle of the 19th century, now forces of collectivist reaction were arising in the form of socialism and communism.
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For example, it may be improper to mention that the UK was a market economy country in the 1990s, but not in the 1970s, an era the Labor Party was in power and a peak-hour of nationalization.
It is also improper to mention that the US practices market economy when leasing most government enterprises to private monopolies, while Italy is not a market economy country due to its government's multilevel participation and control over enterprises through national holding companies.
Market economy criterion is, we believe, a dialectical unity of absolutism and relativity.
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