What is the free market economic system?
There are several interpretations of what the free-market economy really is; the definition often differs from the reality. A truly free market is largely a philosophical concept within economic studies.Market EconomyAn economic system is a system in which goods are produced, distributed and sold. Market economies are an economy based on the division between supply and demand.Free MarketA free-market economy is a theoretical concept in which the market–supply and demand–is driven without any legal interference from agencies outside the market, such as the government.Laissez-Faire GovernanceLaissez-faire is a term that essentially means “hands off,” and it is a style of government management of the market in which legal influence is minimal. Laissez-faire control of the market is the closest real type of a free-market economy.BenefitsOne of the perceived benefits of a free-market economic system is that true capitalism would decide what businesses succeeded and what businesses did not
