a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.
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- Also called free mar·ket e·con·o·my [free-mahr-kit i-kon-uh-mee] /ˈfri ˈmɑr kɪt ɪˌkɒn ə mi/ .
- Compare command economy.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2024
How to use market economy in a sentence
In cities such as Shenzhen and Fuzhou, foreign direct investment was welcomed, and many features of a market economy were introduced.Both Asia and the West Need Stakeholder Capitalism | Klaus Schwab | August 11, 2021 | Time
The market economy creates unsustainable income inequality and a wealth gap that has widened sharply during the pandemic.Capitalism Delivered Promise, and Faced a Reckoning, in 2020 | Eben Shapiro | December 20, 2020 | Time
Money is easy to track, and we’re used to doing that because of the market economy.How to Stop Feeling Crushed for Time - Issue 92: Frontiers | Brian Gallagher | October 28, 2020 | Nautilus
But other states, especially Russia, have had trouble adjusting to a market economy, degenerating into massive kleptocracies.
In a market economy, having a right generally means being able to pay to exercise it.Undo Citizens United? We’d Only Scratch the Surface | Jedediah Purdy | November 12, 2014 | THE DAILY BEAST
And of course, we can't ignore the reality of a market economy.
The difference is this: a market economy is a tool--a valuable tool--for organizing productive activity.Q & A with Michael Sandel: From Market Economy to Market Society | Michael Tomasky | July 3, 2012 | THE DAILY BEAST
Over the past three decades, we have drifted from having a market economy to becoming a market society.Q & A with Michael Sandel: From Market Economy to Market Society | Michael Tomasky | July 3, 2012 | THE DAILY BEAST
Hardly a recipe for orderly transition, for democracy, or for market economy.After the Rain | Sam Vaknin
Cultural definitions for market economy
An economy in which the greater part of production, distribution, and exchange is controlled by individuals and privately owned corporations rather than by the government, and in which government interference in the market is minimal. Although a total market economy is probably only theoretically possible (because it would exclude taxation and regulation of any kind), capitalist economies approximate it and socialist economies are antithetical to it (see capitalism and socialism). Market economies are also called free economies, free markets, or free enterprise systems.
The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.