free-market
UK: ˌfriːˈmɑːkɪt | US: ˌfriːˈmɑːrkɪt
adj. relating to an economic system with minimal government intervention, where prices are determined by supply and demand
n. an economic market operating under such principles
The term combines "free" (Old English frēo, meaning "not in bondage" or "unrestricted") and "market" (Latin mercatus, via Old French marché, meaning "trading place"). It emerged in the 18th century during Enlightenment debates on economics, contrasting with mercantilist systems. The morphemes reflect core principles: "free" emphasizes autonomy, while "market" denotes the arena of exchange.
A free-market economy encourages competition among businesses.
Critics argue that free-market policies can widen income inequality.
The government reduced tariffs to promote free-market trade.
Adam Smith’s theories laid the foundation for free-market capitalism.
In a free-market system, prices fluctuate based on consumer demand.