Copyright © Philip M. Parker, INSEAD. Terms of Use.
Definition: Market Economy |
Market EconomyNoun1. An economy that relies chiefly on market forces to allocate goods and resources and to determine prices. Source: WordNet 1.7.1 Copyright © 2001 by Princeton University. All rights reserved. |
| Domain | Definitions |
Economics | An economic system where resources are allocated and production of goods determined by market forces rather than by government decree. (references) |
Source: compiled by the editor from various references; see credits. | |
(From Wikipedia, the free Encyclopedia)
Although market economies are often identified with capitalism, if could be argued that the connection need not be very strong. It is possible for a market economy to have government intervention in the economy. The key difference between market economies and command economies lies not with the degree of government influence but with how that influence is used. In a market economy, if the government wants more steel, it collects taxes and then buys the steel at market prices. In a command economy, a government which wants more steel simply orders it to be produced.
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. More controversial is the question of whether and to what degree governments should attempt to address the economic inequality produced by a market economy.
In the 1980s, most of the command economies in the world attempted to transform themselves into market economies. 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.
See also: Free market, Minarchism, Mixed economy, Neoliberalism, Gift economy, Financial markets
Source: adapted by the editor from Wikipedia, the free encyclopedia under a copyleft GNU Free Documentation License (GFDL) from the article "Market economy."
Synonyms: Market EconomySynonyms: free enterprise (n), laissez-faire economy (n). (additional references) |
| Antonym: non-market economy (n). (additional references) |
Crosswords: Market Economy |
| English words defined with "market economy": free enterprise ♦ GDP, GNP, gross domestic product, gross national product ♦ Herbert Clark Hoover, Herbert Hoover, Hoover ♦ laissez-faire economy ♦ market forces ♦ non-market economy ♦ President Hoover. (references) |
| Specialty definitions using "market economy": Command Economy ♦ Financial Market, free market economy ♦ measure establishing privileged access ♦ WHOLESALER I. (references) |
| Domain | Title |
Books | |
Source: compiled by the editor from various references; see credits. | |
| Subject | Topic | Quote |
Business | The second was the advent of the new market economy. (references) | |
Greece like other E.U. countries has a market economy. (references) | ||
Greece, like other E.U. countries, has a market economy. (references) | ||
Economic History | Oman | Oman promotes a free market economy. (references) |
Oman | Oman is a generally free market economy. (references) | |
Czech Rep | Policy frameworks are consistent with market economy. (references) | |
Political Economy | Taiwan | Taiwan has a dynamic, export-oriented, free market economy. (references) |
Sweden | Liberal Party - Supports a socially oriented market economy. (references) | |
Estonia | Estonia has a market economy and a population of approximately 1.4 million. (references) | |
Trade | Romania | An important objective during the transition to a market economy was the protection of Romanian companies from goods being dumped or subsidized. (references) |
Ukraine | The focus of USAID's economic restructuring program is to help Ukraine create the institutions of a market economy, particularly in the banking system, commercial law, fiscal and macroeconomic areas. (references) | |
Ukraine | USAID is assisting Ukraine in restructuring this priority sector through an agricultural strategy that focuses countrywide on: 1) financing and developing private sector sources of inputs to agriculture, and private processing of agricultural products; 2) privatizing agricultural land with special emphasis on restructuring collective agricultural enterprises into private entities and the issuance of land titles and developing a land market; 3) reducing the environmental impact of agricultural chemicals; 4) private farm and household plot development; and 5) implementing new agriculture policies to facilitate a private-sector based market economy. (references) | |
Travel | Switzerland | As a prosperous, highly developed Western democracy with a modern market economy, Switzerland's business customs and practices are akin to those of other northern European countries. (references) |
Source: compiled by the editor from ICON Group International, Inc.; see credits. | ||
Expression using "market economy": free market economy. Additional references. | |
| Hypenated Usage | |
Ending with "market economy": non-market economy. | |
| Source: compiled by the editor from various references; see credits. | |
| The following statistics estimate the number of searches per day across the major English-language search engines as identified by various trade publications. Hyperlinks lead to commercial use of the expression at Amazon.com. |
| Expression | Frequency per Day |
market economy | 55 |
free market economy | 23 |
| Source: compiled by the editor from various references; see credits. | |
| Language | Translations for "market economy"; alternative meanings/domain in parentheses. | ||||||||||||||||||||||||||||
Arabic | إقتصاد السوق. (various references) | ||||||||||||||||||||||||||||
Chinese | 市 "濟 . (various references) | ||||||||||||||||||||||||||||
Danish | markedsøkonomisk investor (market economy investor), markedsøkonomi (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), social markedsokonomi (social market economy), social markedsoekonomi (social market economy), land på vej mod markedsøkonomi (country in transition, country moving towards a market economy), handlingsprogram vedrørende handicappede arbejdstagere i det fri erhvervsliv (action programme for handicapped workers in an open market economy), fri markedsoekonomi (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), åbne markedsorienterede økonomier (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), åben markedsøkonomi med fri konkurrence (open market economy with free competition). (various references) | ||||||||||||||||||||||||||||
Dutch | marktekonomie (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), markteconomie (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), vrije markteconomie (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), sociale marktekonomie (social market economy), sociale markteconomie (social market economy), open markteconomie met vrije mededinging (open market economy with free competition), liberale economie (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), land op weg naar een markteconomie (country in transition, country moving towards a market economy), investeerder die tegen marktvoorwaarden handelt (market economy investor), georienteerde markteconomie (guided market economy), actieprogramma ten behoeve van de gehandicapte werknemers in het vrije bedrijfsleven (action programme for handicapped workers in an open market economy). (various references) | ||||||||||||||||||||||||||||
Finnish | vapaaseen kilpailuun perustuva avoin markkinatalous (open market economy with free competition). (various references) | ||||||||||||||||||||||||||||
French | économie de marché (free market, free market economy, market economics, market oriented economy). (various references) | ||||||||||||||||||||||||||||
German | Marktwirtschaft (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy, market-economy). (various references) | ||||||||||||||||||||||||||||
Greek | ιδιώτης επενδυτής στην οικονομία της αγοράς (market economy investor), χώρα σε μεταβατικό στάδιο (country in transition, country moving towards a market economy), φιλελεύθερη οικονομία (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), οικονομία ελεύθερης αγοράς (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), οικονομία ελεύθερου ανταγωνισμού (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), οικονομία αγοράς (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), οικονομία της ανοιχτής αγοράς με ελεύθερο ανταγωνισμό (open market economy with free competition). (various references) | ||||||||||||||||||||||||||||
Hungarian | piacgazdaság. (various references) | ||||||||||||||||||||||||||||
Italian | programme d'azione riguardo ai lavoratori minorati in economia libera (action programme for handicapped workers in an open market economy), paese in transizione (country in transition, country moving towards a market economy), investitore che opera in un'economia di mercato (market economy investor), economia sociale di mercato (social market economy), economia liberale (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy), economia di mercato aperta e in libera concorrenza (open market economy with free competition), economia di mercato (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy). (various references) | ||||||||||||||||||||||||||||
Japanese Kanji | 市 経済 (market economics). (various references) | ||||||||||||||||||||||||||||
Japanese Katakana | しじょうけいざい (market economics). (various references) | ||||||||||||||||||||||||||||
Pig Latin | arketmay economyay condições de mercados. (various references) economía de mercado (free enterprise economy, free market economy, liberal economy, market economics, market oriented economy). (various references) social marknadsekonomi (social market economy), öppen marknadsekonomi med fri konkurrens (open market economy with free competition). (various references) serbest piyasa ekonomisi (free market economy). (various references) | ||||||||||||||||||||||||||||
Scrabble® Enable2K-Verified Anagrams | |
| Words within the letters "a-c-e-e-k-m-m-n-o-o-r-t-y" | |
-3 letters: anemometry, commentary, moneymaker. | |
-4 letters: manometer, manometry, metronome, momentary, monometer, monotreme. | |
-5 letters: aeronomy, ammocete, anteroom, caretook, carotene, cartoony, ceremony, coenamor, cometary, commoner, coronate, enactory, keynoter, monetary, monocrat, monocyte, motorman, motormen, mycetoma, octonary, roommate, trackmen, yokemate. | |
| Source: compiled by the editor from various references; see credits. SCRABBLE® is a registered trademark. All intellectual property rights in and to the game are owned in the U.S.A and Canada by Hasbro Inc., and throughout the rest of the world by J.W. Spear & Sons Limited of Maidenhead, Berkshire, England, a subsidiary of Mattel Inc. Mattel and Spear are not affiliated with Hasbro. | |
Hexadecimal (or equivalents, 770AD-1900s) (references)4D 61 72 6B 65 74 45 63 6F 6E 6F 6D 79 |
| Leonardo da Vinci (1452-1519; backwards) (references)
|
Binary Code (1918-1938, probably earlier) (references)01001101 01100001 01110010 01101011 01100101 01110100 00100000 01000101 01100011 01101111 01101110 01101111 01101101 01111001 |
HTML Code (1990) (references)M a r k e t   E c o n o m y |
ISO 10646 (1991-1993) (references)004D 0061 0072 006B 0065 0074 0045 0063 006F 006E 006F 006D 0079 |
Encryption (beginner's substitution cypher): (references)476784777186239698180817991 |
| 1. Definition 2. Synonyms 3. Crosswords 4. Usage: Commercial | 5. Quotations: Non-fiction 6. Expressions 7. Expressions: Internet 8. Translations: Modern | 9. Anagrams 10. Orthography 11. Bibliography |
Copyright © Philip M. Parker, INSEAD. Terms of Use.
