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In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority.
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According to the liberal free-market view, a secure system of private property rights is a necessary part of economic freedom. Such systems include two main rights, namely the right to control and benefit from property and the right to transfer property by voluntary means.
Although laissez-faire has been commonly associated with capitalism, there is a similar laissez-faire economic theory and system associated with socialism called left-wing laissez-faire, [71] [72] or free-market anarchism, also known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
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The 2023 Index of Economic Freedom, published by The Heritage Foundation and The Wall Street Journal [1]. This article includes a partial list of countries by economic freedom that shows the top 50 highest ranking countries and regions from two reports on economic freedom.
This is an accepted version of this page This is the latest accepted revision, reviewed on 29 January 2025. Economic system based on private ownership This article is about an economic system. For other uses, see Capitalism (disambiguation). "Capitalist" redirects here. For other uses, see Capitalist (disambiguation). Part of a series on Capitalism Concepts Austerity Business Business cycle ...