Free market

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.
Proponents of the free market as a
normative ideal contrast it with a regulated
market, in which a government intervenes
in supply and demand by means of various
methods such as taxes or regulations. In
an idealized free market economy, prices
for goods and services are set solely by
the bids and offers of the participants.

Scholars contrast the concept of a free

market with the concept of a coordinated
market in fields of study such as political
economy, new institutional economics,
economic sociology, and political science.
All of these fields emphasize the
importance in currently existing market
systems of rule-making institutions
external to the simple forces of supply and
demand which create space for those
forces to operate to control productive
output and distribution. Although free
markets are commonly associated with
capitalism in contemporary usage and
popular culture, free markets have also
been components in some forms of
market socialism.[1]

Historically, free market has also been

used synonymously with other economic
policies. For instance proponents of
laissez-faire capitalism may refer to it as
free market capitalism because they claim
it achieves the most economic freedom.[2]
In practice, governments usually intervene
to reduce externalities such as greenhouse
gas emissions; although they may use
markets to do so, such as carbon
emission trading.[3]

Economic systems

Capitalism

Capitalism is an economic system based

on the private ownership of the means of
production and their operation for
profit.[4][5][6][7] Central characteristics of
capitalism include capital accumulation,
competitive markets, a price system,
private property and the recognition of
property rights, voluntary exchange, and
wage labor.[8][9] In a capitalist market
economy, decision-making and
investments are determined by every
owner of wealth, property or production
ability in capital and financial markets
whereas prices and the distribution of
goods and services are mainly determined
by competition in goods and services
markets.[10]

Economists, historians, political

economists and sociologists have
adopted different perspectives in their
analyses of capitalism and have
recognized various forms of it in practice.
These include laissez-faire or free-market
capitalism, state capitalism and welfare
capitalism. Different forms of capitalism
feature varying degrees of free markets,
public ownership,[11] obstacles to free
competition and state-sanctioned social
policies. The degree of competition in
markets and the role of intervention and
regulation as well as the scope of state
ownership vary across different models of
capitalism.[12][13] The extent to which
different markets are free and the rules
defining private property are matters of
politics and policy. Most of the existing
capitalist economies are mixed economies
that combine elements of free markets
with state intervention and in some cases
economic planning.[14]

Market economies have existed under

many forms of government and in many
different times, places and cultures.
Modern capitalist societies—marked by a
universalization of money-based social
relations, a consistently large and system-
wide class of workers who must work for
wages (the proletariat) and a capitalist
class which owns the means of production
—developed in Western Europe in a
process that led to the Industrial
Revolution. Capitalist systems with varying
degrees of direct government intervention
have since become dominant in the
Western world and continue to spread.
Capitalism has been shown to be strongly
correlated with economic growth.[15]

Georgism

For classical economists such as Adam

Smith, the term free market refers to a
market free from all forms of economic
privilege, monopolies and artificial
scarcities.[2] They say this implies that
economic rents, which they describe as
profits generated from a lack of perfect
competition, must be reduced or
eliminated as much as possible through
free competition.

Economic theory suggests the returns to

land and other natural resources are
economic rents that cannot be reduced in
such a way because of their perfect
inelastic supply.[16] Some economic
thinkers emphasize the need to share
those rents as an essential requirement for
a well functioning market. It is suggested
this would both eliminate the need for
regular taxes that have a negative effect
on trade (see deadweight loss) as well as
release land and resources that are
speculated upon or monopolised, two
features that improve the competition and
free market mechanisms. Winston
Churchill supported this view by the
following statement: "Land is the mother
of all monopoly".[17] The American
economist and social philosopher Henry
George, the most famous proponent of
this thesis, wanted to accomplish this
through a high land value tax that replaces
all other taxes.[18] Followers of his ideas
are often called Georgists or geoists and
geolibertarians.

Léon Walras, one of the founders of the

neoclassical economics who helped
formulate the general equilibrium theory,
had a very similar view. He argued that free
competition could only be realized under
conditions of state ownership of natural
resources and land. Additionally, income
taxes could be eliminated because the
state would receive income to finance
public services through owning such
resources and enterprises.[19]

Laissez-faire

The laissez-faire principle expresses a

preference for an absence of non-market
pressures on prices and wages such as
those from discriminatory government
taxes, subsidies, tariffs, regulations, or
government-granted monopolies. In The
Pure Theory of Capital, Friedrich Hayek
argued that the goal is the preservation of
the unique information contained in the
price itself.[20]

According to Karl Popper, the idea of the

free market is paradoxical, as it requires
interventions towards the goal of
preventing interventions.[2]

Although laissez-faire has been commonly

associated with capitalism, there is a
similar economic theory associated with
socialism called left-wing or socialist
laissez-faire, also known as free-market
anarchism, free-market anti-capitalism and
free-market socialism to distinguish it
from laissez-faire capitalism.[21][22][23]
Critics of laissez-faire as commonly
understood argue that a truly laissez-faire
system would be anti-capitalist and
socialist.[24][25] American individualist
anarchists such as Benjamin Tucker saw
themselves as economic free-market
socialists and political individualists while
arguing that their "anarchistic socialism" or
"individual anarchism" was "consistent
Manchesterism".[26]
Socialism

Various forms of socialism based on free

markets have existed since the 19th
century. Early notable socialist proponents
of free markets include Pierre-Joseph
Proudhon, Benjamin Tucker and the
Ricardian socialists. These economists
believed that genuinely free markets and
voluntary exchange could not exist within
the exploitative conditions of capitalism.
These proposals ranged from various
forms of worker cooperatives operating in
a free-market economy such as the
mutualist system proposed by Proudhon,
to state-owned enterprises operating in
unregulated and open markets. These
models of socialism are not to be
confused with other forms of market
socialism (e.g. the Lange model) where
publicly owned enterprises are
coordinated by various degrees of
economic planning, or where capital good
prices are determined through marginal
cost pricing.

Advocates of free-market socialism such

as Jaroslav Vanek argue that genuinely
free markets are not possible under
conditions of private ownership of
productive property. Instead, he contends
that the class differences and inequalities
in income and power that result from
private ownership enable the interests of
the dominant class to skew the market to
their favor, either in the form of monopoly
and market power, or by utilizing their
wealth and resources to legislate
government policies that benefit their
specific business interests. Additionally,
Vanek states that workers in a socialist
economy based on cooperative and self-
managed enterprises have stronger
incentives to maximize productivity
because they would receive a share of the
profits (based on the overall performance
of their enterprise) in addition to receiving
their fixed wage or salary. The stronger
incentives to maximize productivity that he
conceives as possible in a socialist
economy based on cooperative and self-
managed enterprises might be
accomplished in a free-market economy if
employee-owned companies were the
norm as envisioned by various thinkers
including Louis O. Kelso and James S.
Albus.[27]

Socialists also assert that free-market

capitalism leads to an excessively skewed
distributions of income and economic
instabilities which in turn leads to social
instability. Corrective measures in the form
of social welfare, re-distributive taxation
and regulatory measures and their
associated administrative costs which are
required create agency costs for society.
These costs would not be required in a
self-managed socialist economy.[28]

Criticism of market socialism comes from

two major directions. Economists Friedrich
Hayek and George Stigler argued that
socialism as a theory is not conducive to
democratic systems[29] and even the most
benevolent state would face serious
implementation problems.[30]

More modern criticism of socialism and

market socialism implies that even in a
democratic system, socialism cannot
reach the desired efficient outcome. This
argument holds that democratic majority
rule becomes detrimental to enterprises
and industries, and that the formation of
interest groups distorts the optimal market
outcome.[31]

Concepts

Economic equilibrium

A diagram showing the "effects of

price freedom"
The general equilibrium theory has
demonstrated that, under certain
theoretical conditions of perfect
competition, the law of supply and
demand influences prices toward an
equilibrium that balances the demands for
the products against the supplies.[32] At
these equilibrium prices, the market
distributes the products to the purchasers
according to each purchaser's preference
or utility for each product and within the
relative limits of each buyer's purchasing
power. This result is described as market
efficiency, or more specifically a Pareto
optimum.
Low barriers to entry

A free market does not directly require the

existence of competition; however, it does
require a framework that freely allows new
market entrants. Hence, competition in a
free market is a consequence of the
conditions of a free market, including that
market participants not be obstructed
from following their profit motive.

Perfect competition and market

failure

An absence of any of the conditions of

perfect competition is considered a
market failure. Regulatory intervention may
provide a substitute force to counter a
market failure, which leads some
economists to believe that some forms of
market regulation may be better than an
unregulated market at providing a free
market.[2]

Spontaneous order

Friedrich Hayek popularized the view that

market economies promote spontaneous
order which results in a better "allocation
of societal resources than any design
could achieve".[33] According to this view,
market economies are characterized by
the formation of complex transactional
networks that produce and distribute
goods and services throughout the
economy. These networks are not
designed, but they nevertheless emerge as
a result of decentralized individual
economic decisions.[34] The idea of
spontaneous order is an elaboration on the
invisible hand proposed by Adam Smith in
The Wealth of Nations. About the
individual, Smith wrote:

By preferring the support of

domestic to that of foreign
industry, he intends only his
own security; and by directing
that industry in such a manner
as its produce may be of the
greatest value, he intends only
his own gain, and he is in this,
as in many other cases, led by an
invisible hand to promote an
end which was no part of his
intention. Nor is it always the
worse for society that it was no
part of it. By pursuing his own
interest, he frequently promotes
that of the society more
effectually than when he really
intends to promote it. I have
 never known much good done
by those who affected to trade
for the public good.[35]

Smith pointed out that one does not get

one's dinner by appealing to the brother-
love of the butcher, the farmer or the baker.
Rather, one appeals to their self-interest
and pays them for their labor, arguing:

It is not from the benevolence of

the butcher, the brewer or the
baker, that we expect our
dinner, but from their regard to
their own self-interest. We
address ourselves, not to their
 humanity but to their self-love,
and never talk to them of our
own necessities but of their
advantages.[36]

Supporters of this view claim that

spontaneous order is superior to any order
that does not allow individuals to make
their own choices of what to produce,
what to buy, what to sell and at what
prices due to the number and complexity
of the factors involved. They further
believe that any attempt to implement
central planning will result in more
disorder, or a less efficient production and
distribution of goods and services.
Critics such as political economist Karl
Polanyi question whether a spontaneously
ordered market can exist, completely free
of distortions of political policy, claiming
that even the ostensibly freest markets
require a state to exercise coercive power
in some areas, namely to enforce
contracts, govern the formation of labor
unions, spell out the rights and obligations
of corporations, shape who has standing
to bring legal actions and define what
constitutes an unacceptable conflict of
interest.[37]
Supply and demand

Demand for an item (such as a good or

service) refers to the economic market
pressure from people trying to buy it.
Buyers have a maximum price they are
willing to pay for an item, and sellers have
a minimum price at which they are willing
to offer their product. The point at which
the supply and demand curves meet is the
equilibrium price of the good and quantity
demanded. Sellers willing to offer their
goods at a lower price than the equilibrium
price receive the difference as producer
surplus. Buyers willing to pay for goods at
a higher price than the equilibrium price
receive the difference as consumer
surplus.[38]

The model is commonly applied to wages

in the market for labor. The typical roles of
supplier and consumer are reversed. The
suppliers are individuals, who try to sell
(supply) their labor for the highest price.
The consumers are businesses, which try
to buy (demand) the type of labor they
need at the lowest price. As more people
offer their labor in that market, the
equilibrium wage decreases and the
equilibrium level of employment increases
as the supply curve shifts to the right. The
opposite happens if fewer people offer
their wages in the market as the supply
curve shifts to the left.[38]

In a free market, individuals and firms

taking part in these transactions have the
liberty to enter, leave and participate in the
market as they so choose. Prices and
quantities are allowed to adjust according
to economic conditions in order to reach
equilibrium and allocate resources.
However, in many countries around the
world governments seek to intervene in the
free market in order to achieve certain
social or political agendas.[39]
Governments may attempt to create social
equality or equality of outcome by
intervening in the market through actions
such as imposing a minimum wage (price
floor) or erecting price controls (price
ceiling).

Other lesser-known goals are also

pursued, such as in the United States,
where the federal government subsidizes
owners of fertile land to not grow crops in
order to prevent the supply curve from
further shifting to the right and decreasing
the equilibrium price. This is done under
the justification of maintaining farmers'
profits; due to the relative inelasticity of
demand for crops, increased supply would
lower the price but not significantly
increase quantity demanded, thus placing
pressure on farmers to exit the market.[40]
Those interventions are often done in the
name of maintaining basic assumptions of
free markets such as the idea that the
costs of production must be included in
the price of goods. Pollution and depletion
costs are sometimes not included in the
cost of production (a manufacturer that
withdraws water at one location then
discharges it polluted downstream,
avoiding the cost of treating the water),
therefore governments may opt to impose
regulations in an attempt to try to
internalize all of the cost of production
and ultimately include them in the price of
the goods.

Advocates of the free market contend that

government intervention hampers
economic growth by disrupting the
efficient allocation of resources according
to supply and demand while critics of the
free market contend that government
intervention is sometimes necessary to
protect a country's economy from better-
developed and more influential economies,
while providing the stability necessary for
wise long-term investment. Milton
Friedman argued against central planning,
price controls and state-owned
corporations, particularly as practiced in
the Soviet Union and China[41] while Ha-
Joon Chang cites the examples of post-
war Japan and the growth of South Korea's
steel industry as positive examples of
government intervention.[42]

Reception

Criticism

Critics of a laissez-faire free market have

argued that in real world situations it has
proven to be susceptible to the
development of price fixing monopolies.[43]
Such reasoning has led to government
intervention, e.g. the United States
antitrust law. Critics of the free market
also argue that it results in significant
market dominance, inequality of bargaining
power, or information asymmetry, in order
to allow markets to function more freely.

Critics of a free market often argue that

some market failures require government
intervention.[44] Economists Ronald Coase,
Milton Friedman, Ludwig von Mises, and
Friedrich Hayek have responded by arguing
that markets can internalize or adjust to
supposed market failures.[44]
Two prominent Canadian authors argue
that government at times has to intervene
to ensure competition in large and
important industries. Naomi Klein
illustrates this roughly in her work The
Shock Doctrine and John Ralston Saul
more humorously illustrates this through
various examples in The Collapse of
Globalism and the Reinvention of the
World.[45] While its supporters argue that
only a free market can create healthy
competition and therefore more business
and reasonable prices, opponents say that
a free market in its purest form may result
in the opposite. According to Klein and
Ralston, the merging of companies into
giant corporations or the privatization of
government-run industry and national
assets often result in monopolies or
oligopolies requiring government
intervention to force competition and
reasonable prices.[45]

Another form of market failure is

speculation, where transactions are made
to profit from short term fluctuation, rather
from the intrinsic value of the companies
or products. This criticism has been
challenged by historians such as Lawrence
Reed, who argued that monopolies have
historically failed to form even in the
absence of antitrust law.[46] This is
because monopolies are inherently difficult
to maintain as a company that tries to
maintain its monopoly by buying out new
competitors, for instance, is incentivizing
newcomers to enter the market in hope of
a buy-out. Furthermore, according to writer
Walter Lippman and economist Milton
Friedman, historical analysis of the
formation of monopolies reveals that,
contrary to popular belief, these were the
result not of unfettered market forces, but
of legal privileges granted by
government.[47]

American philosopher and author Cornel

West has derisively termed what he
perceives as dogmatic arguments for
laissez-faire economic policies as free-
market fundamentalism. West has
contended that such mentality "trivializes
the concern for public interest" and "makes
money-driven, poll-obsessed elected
officials deferential to corporate goals of
profit – often at the cost of the common
good".[48] American political philosopher
Michael J. Sandel contends that in the last
thirty years the United States has moved
beyond just having a market economy and
has become a market society where
literally everything is for sale, including
aspects of social and civic life such as
education, access to justice and political
influence.[49] The economic historian Karl
Polanyi was highly critical of the idea of
the market-based society in his book The
Great Transformation, stating that any
attempt at its creation would undermine
human society and the common good:[50]
"Ultimately...the control of the economic
system by the market is of overwhelming
consequence to the whole organization of
society; it means no less than the running
of society as an adjunct to the market.
Instead of economy being embedded in
social relations, social relations are
embedded in the economic system."[51]
David McNally of the University of Houston
argues in the Marxist tradition that the
logic of the market inherently produces
inequitable outcomes and leads to
unequal exchanges, arguing that Adam
Smith's moral intent and moral philosophy
espousing equal exchange was
undermined by the practice of the free
market he championed. According to
McNally, the development of the market
economy involved coercion, exploitation
and violence that Smith's moral philosophy
could not countenance. McNally also
criticizes market socialists for believing in
the possibility of fair markets based on
equal exchanges to be achieved by purging
parasitical elements from the market
economy such as private ownership of the
means of production, arguing that market
socialism is an oxymoron when socialism
is defined as an end to wage labour.[52]

See also

Binary economics
Crony capitalism
Economic liberalism
Freedom of choice
Free price system
Grey market
Left-wing market anarchism
 Market economy
Neoliberalism
Participatory economics
Quasi-market
Self-managed economy
Transparency (market)

Notes

1. Bockman, Johanna (2011). Markets in the

name of Socialism: The Left-Wing origins
of Neoliberalism. Stanford University
Press. ISBN 978-0804775663.
2. Popper, Karl (1994). The Open Society and
Its Enemies. Routledge Classics. p. 712.
ISBN 978-0415610216.
3. "Finance & Development" (https://www.im
f.org/external/pubs/ft/fandd/basics/exter
nal.htm) . Finance & Development | F&D.
Archived (https://web.archive.org/web/20
220915183424/https://www.imf.org/exter
nal/pubs/ft/fandd/basics/external.htm)
from the original on 2022-09-15. Retrieved
2022-09-15.
4. Zimbalist, Sherman and Brown, Andrew,
Howard J. and Stuart (1988). Comparing
Economic Systems: A Political-Economic
Approach (https://archive.org/details/com
paringeconomi0000zimb_q8i6/page/6) .
Harcourt College Pub. pp. 6–7 (https://arc
hive.org/details/comparingeconomi0000z
imb_q8i6/page/6) . ISBN 978-
0155124035. "Pure capitalism is defined
as a system wherein all of the means of
production (physical capital) are privately
owned and run by the capitalist class for a
profit, while most other people are
workers who work for a salary or wage
(and who do not own the capital or the
product)."
5. Rosser, Mariana V.; Rosser, J Barkley
(2003). Comparative Economics in a
Transforming World Economy. MIT Press.
p. 7. ISBN 978-0262182348. "In capitalist
economies, land and produced means of
production (the capital stock) are owned
by private individuals or groups of private
individuals organized as firms."
6. Chris Jenks. Core Sociological
Dichotomies. "Capitalism, as a mode of
production, is an economic system of
manufacture and exchange which is
geared toward the production and sale of
commodities within a market for profit,
where the manufacture of commodities
consists of the use of the formally free
labor of workers in exchange for a wage to
create commodities in which the
manufacturer extracts surplus value from
the labor of the workers in terms of the
difference between the wages paid to the
worker and the value of the commodity
produced by him/her to generate that
profit." London; Thousand Oaks, CA; New
Delhi. Sage. p. 383.
7. Gilpin, Robert (2018). The Challenge of
Global Capitalism : The World Economy in
the 21st Century. Princeton University
Press. ISBN 978-0691186474.
OCLC 1076397003 (https://www.worldcat.
org/oclc/1076397003) .
8. Heilbroner, Robert L. "Capitalism" (http://w
ww.dictionaryofeconomics.com/article?id
=pde2008_C000053) Archived (https://w
eb.archive.org/web/20171028232506/htt
p://www.dictionaryofeconomics.com/artic
le?id=pde2008_C000053) 28 October
2017 at the Wayback Machine. Steven N.
Durlauf and Lawrence E. Blume, eds. The
New Palgrave Dictionary of Economics.
2nd ed. (Palgrave Macmillan, 2008)
doi:10.1057/9780230226203.0198 (http
s://doi.org/10.1057%2F9780230226203.0
198) .
9. Louis Hyman and Edward E. Baptist
(2014). American Capitalism: A Reader (ht
tp://books.simonandschuster.com/Americ
an-Capitalism/Louis-Hyman/9781476784
311) Archived (https://web.archive.org/w
eb/20150522065957/http://books.simona
ndschuster.com/American-Capitalism/Lo
uis-Hyman/9781476784311) 22 May
2015 at the Wayback Machine. Simon &
Schuster. ISBN 978-1476784311.
10. Gregory, Paul; Stuart, Robert (2013). The
Global Economy and its Economic
Systems. South-Western College Pub.
p. 41. ISBN 978-1285-05535-0.
"Capitalism is characterized by private
ownership of the factors of production.
Decision making is decentralized and
rests with the owners of the factors of
production. Their decision making is
coordinated by the market, which provides
the necessary information. Material
incentives are used to motivate
participants."
11. Gregory and Stuart, Paul and Robert
(2013). The Global Economy and its
Economic Systems. South-Western
College Pub. p. 107. ISBN 978-1285-
05535-0. "Real-world capitalist systems
are mixed, some having higher shares of
public ownership than others. The mix
changes when privatization or
nationalization occurs. Privatization is
when property that had been state-owned
is transferred to private owners.
Nationalization occurs when privately
owned property becomes publicly owned."
12. Macmillan Dictionary of Modern
Economics, 3rd Ed., 1986, p. 54.
13. Bronk, Richard (Summer 2000). "Which
model of capitalism?" (http://oecdobserve
r.org/news/archivestory.php/aid/345/Whi
ch_model_of_capitalism_.html) . OECD
Observer. Vol. 1999, no. 221–22. OECD.
pp. 12–15. Archived (https://web.archive.
org/web/20180406200423/http://oecdob
server.org/news/archivestory.php/aid/34
5/Which_model_of_capitalism_.html)
from the original on 6 April 2018.
Retrieved 6 April 2018.
14. Stilwell, Frank. "Political Economy: the
Contest of Economic Ideas". First Edition.
Oxford University Press. Melbourne,
Australia. 2002.
15. Sy, Wilson N. (18 September 2016).
"Capitalism and Economic Growth Across
the World". Rochester, NY.
doi:10.2139/ssrn.2840425 (https://doi.or
g/10.2139%2Fssrn.2840425) .
S2CID 157423973 (https://api.semanticsc
holar.org/CorpusID:157423973) .
SSRN 2840425 (https://papers.ssrn.com/
sol3/papers.cfm?abstract_id=2840425) .
"For 40 largest countries in the
International Monetary Fund (IMF)
database, it is shown statistically that
capitalism, between 2003 and 2012, is
positively correlated significantly to
economic growth." {{cite journal}}:
Cite journal requires |journal= (help)
16. Adam Smith, The Wealth of Nations Book
V, Chapter 2, Part 2, Article I: Taxes upon
the Rent of Houses.
17. House Of Commons May 4th; King's
Theatre, Edinburgh, July 17
18. Backhaus, "Henry George's Ingenious Tax,"
pp. 453–458.
19. Bockman, Johanna (2011). Markets in the
name of Socialism: The Left-Wing origins
of Neoliberalism. Stanford University
Press. p. 21. ISBN 978-0804775663. "For
Walras, socialism would provide the
necessary institutions for free competition
and social justice. Socialism, in Walras's
view, entailed state ownership of land and
natural resources and the abolition of
income taxes. As owner of land and
natural resources, the state could then
lease these resources to many individuals
and groups which would eliminate
monopolies and thus enable free
competition. The leasing of land and
natural resources would also provide
enough state revenue to make income
 taxes unnecessary, allowing a worker to
invest his savings and become 'an owner
or capitalist at the same time that he
remains a worker."
20. Hayek, Friedrich (1941). The Pure Theory
of Capital.
21. Chartier, Gary; Johnson, Charles W.
(2011). Markets Not Capitalism:
Individualist Anarchism Against Bosses,
Inequality, Corporate Power, and Structural
Poverty. Brooklyn, NY:Minor
Compositions/Autonomedia
22. "It introduces an eye-opening approach to
radical social thought, rooted equally in
libertarian socialism and market
anarchism." Chartier, Gary; Johnson,
Charles W. (2011). Markets Not
Capitalism: Individualist Anarchism
Against Bosses, Inequality, Corporate
Power, and Structural Poverty. Brooklyn,
NY: Minor Compositions/Autonomedia. p.
back cover.
23. "But there has always been a market-
oriented strand of libertarian socialism
that emphasizes voluntary cooperation
between producers. And markets, properly
understood, have always been about
cooperation. As a commenter at Reason
magazine's Hit&Run blog, remarking on
Jesse Walker's link to the Kelly article, put
it: "every trade is a cooperative act." In
fact, it's a fairly common observation
among market anarchists that genuinely
free markets have the most legitimate
claim to the label "socialism." "Socialism:
A Perfectly Good Word Rehabilitated" (htt
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Adler, Jonathan H. “Excerpts from ‘About

Free-Market Environmentalism.’” In
Environment and Society: A Reader, edited by
Christopher Schlottmann, Dale Jamieson,
Colin Jerolmack, Anne Rademacher, and
Maria Damon, 259–264. New York University
Press, 2017. doi:10.2307/j.ctt1ht4vw6.38 (htt
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Althammer, Jörg. “Economic Efficiency and
Solidarity: The Idea of a Social Market
Economy.” Free Markets with Sustainability
and Solidarity, edited by Martin Schlag and
Juan A. Mercaso, Catholic University of
America Press, 2016, pp. 199–216,
doi:10.2307/j.ctt1d2dp8t.14 (https://doi.org/
10.2307%2Fj.ctt1d2dp8t.14) .
Baradaran, Mehrsa. “The Free Market
Confronts Black Poverty.” The Color of
Money: Black Banks and the Racial Wealth
Gap, Harvard University Press, 2017,
pp. 215–246, JSTOR j.ctv24w649g.10 (http
s://www.jstor.org/stable/j.ctv24w649g.10) .
Barro, R.J. (2003). Nothing is Sacred:
Economic Ideas for the New Millennium (http
s://books.google.com/books?id=TmLyGCJE-r
IC) . The MIT Press. MIT Press. ISBN 978-
0262250511. Archived (https://web.archive.or
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Basu, K. (2016). Beyond the Invisible Hand:
Groundwork for a New Economics (https://bo
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0691173696. LCCN 2010012135 (https://lcc
n.loc.gov/2010012135) . Archived (https://we
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J) from the original on 2023-01-18. Retrieved
2022-03-11.
Baumol, William J. (2014). The Free-Market
Innovation Machine: Analyzing the Growth
Miracle of Capitalism (https://books.google.c
om/books?id=tloXAwAAQBAJ) . Princeton
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The Power of Market Fundamentalism: Karl
Polanyi's Critique (http://www.hup.harvard.ed
u/catalog.php?isbn=9780674050716)
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0429085412/https://www.hup.harvard.edu/c
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