Free Market Economics

Paper Summary:

This paper discusses free markets and how they are measured, citing the ideas of Neoliberalism, which constitutes a body of ideas that would reduce the role of government in economic affairs. This approach does not concentrate on equity and the redistribution of wealth but instead calls for government to concentrate on efficiency and growth. It explains that Neoliberals argue that equity cannot be achieved unless the economy is thriving, and state that past efforts to achieve equity through transfer payments and regulations have failed and have actually impeded the dynamism of the market.

From the Paper:

"Maintaining a free market has been a goal of the United States for some time, encouraging the development of free markets in parts of the world where that tradition has not held sway, and seeking to reduce trade barriers. The process of globalization has increased such activities and has also created new incentives for non-market economies to become market economies. Neoliberalism constitutes a body of ideas that would reduce the role of government in economic affairs. This approach does not concentrate on equity and the redistribution of wealth but instead calls for government to concentrate on efficiency and growth. Neoliberals argue that equity cannot be achieved unless the economy is thriving and state that past efforts to achieve equity through transfer payments and regulations have failed and have actually impeded the dynamism of the market. The neoliberal position also accepts the Classical Liberal argument that government has become a tool of special interests ..."

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