0 an economic system with only a small amount of government control, in which prices and earnings are decided by the level of demand for, and production of goods and services: --
1 an economic system with only a small amount of government control, in which prices and earnings are decided by the level of demand for, and production of, goods and services: --
a free-market economy
2 an economic system based on supply and demand, in which companies manage their own business, prices, profits, etc. without being controlled by government: --
Structural adjustment initially brings with it more pain than gain and it is during this initial period that free market policies are most at risk.
While this situation favored the interests of a free market, it risked allowing low-quality or even dangerous sera to enter the market.
This situation lasted until the collapse of the populist state and the adoption of free market policies virtually eliminated state corporatism.
Currently, technological developments, driven by a liberal, free market ideology, work together to create a global economic culture.
In theory, a free market would cope with this by raising prices to a point where demand diminished to match supply.
However, the high social costs of market reform have failed to convince free market advocates that there is still a role for the state.
They were authorised to invest 30 per cent of their capital in the free market and the remainder in state bonds.
It is only by applying the obsolete code of scientific voluntarism to a free market situation that the scientific community persuades itself otherwise.
