free-market

Definitions

An economic system in which prices and wages are determined by unrestricted competition between businesses without government intervention.

A market economy based on supply and demand with little or no government control.

Examples

The country transitioned to a free-market economy to encourage foreign investment.

Proponents argue that a free-market system fosters innovation through healthy competition.

Critics often debate the extent to which government regulation should interfere with free-market principles.

Synonyms

laissez-faire unregulated capitalist competitive deregulated private-enterprise open-market

Antonyms

planned controlled regulated socialist command restricted state-run