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Free market

Index Free market

In economics, a free market is an idealized system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority. [1]

149 relations: Adam Smith, Anne Robert Jacques Turgot, Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism, Benjamin Tucker, Bernard Harcourt, Binary economics, Black market, Business, Capitalism, Classical economics, Coercive monopoly, Columbia University Press, Competition law, Conflict of interest, Consumer, Contract, Cooperative, Coordinated market economy, Cornel West, Corporation, Crony capitalism, David Ricardo, Deadweight loss, Depression (economics), Dogma, Economic equilibrium, Economic liberalism, Economic planning, Economic rent, Economic sociology, Economic surplus, Economics, Economy of the Soviet Union, Elasticity (economics), Employee stock ownership plan, Entrepreneurship, Equality of outcome, Exploitation of labour, Farrar, Straus and Giroux, Fascism, Financial services, Fiscal burden of government, Frédéric Bastiat, Fred L. Block, Free trade, Free-market anarchism, Freedom of choice, Friedrich Hayek, Gérard Debreu, General equilibrium theory, ..., Geolibertarianism, Georgism, Government, Government-granted monopoly, Grey market, Ha-Joon Chang, Harvard University Press, Henry George, Idealized cognitive model, Index of Economic Freedom, Inequality of bargaining power, Information asymmetry, Intrinsic value (finance), Invisible hand, Jacob Hacker, James S. Albus, Jaroslav Vanek, Jean-Baptiste Say, John Ralston Saul, Joseph Stiglitz, Journal of Economic Dynamics and Control, Karl Polanyi, Keynesian economics, Laissez-faire, Land, Land value tax, Lange model, Lawrence Reed, Léon Walras, Liberalization, Liquidity trap, Louis O. Kelso, Market (economics), Market economy, Market fundamentalism, Market power, Market socialism, Marxism, Michael J. Sandel, Milton Friedman, Minimum wage, Mutualism (economic theory), Naomi Klein, Natural resource, Neoclassical economics, Neoliberalism, New institutional economics, Nobel Memorial Prize in Economic Sciences, Pareto efficiency, Participatory economics, Paul Pierson, Paul Verhaeghe, Perfect competition, Pierre-Joseph Proudhon, Planned economy, Police, Political economy, Political science, Politics, Popular culture, Price controls, Price fixing, Profit motive, Profit sharing, Purchasing power, Quasi-market, Recession, Regulated market, Ricardian socialism, Richard Cantillon, Right-wing politics, Robert Kuttner, Social equality, Socialism, Speculation, Spontaneous order, State-owned enterprise, Steven K. Vogel, Stock exchange, Supply and demand, Tariff, TED (conference), The Freeman, The Globalist, The Great Transformation (book), The Heritage Foundation, The New York Review of Books, The Shock Doctrine, The Washington Post, The Wealth of Nations, Think tank, Thomas Robert Malthus, Trade union, Transparency (market), United States antitrust law, Voluntary exchange, Welfare, Winston Churchill, Worker cooperative. Expand index (99 more) »

Adam Smith

Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.

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Anne Robert Jacques Turgot

Anne Robert Jacques Turgot, Baron de l'Aulne (10 May 172718 March 1781), commonly known as Turgot, was a French economist and statesman.

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Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

Bad Samaritans is a book about economy written by Ha-Joon Chang, a South Korean institutional economist specialising in development economics.

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Benjamin Tucker

Benjamin Ricketson Tucker (April 17, 1854 – June 22, 1939) was a 19th century proponent of American individualist anarchism, which he called "unterrified Jeffersonianism," and editor and publisher of the individualist anarchist periodical Liberty.

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Bernard Harcourt

Bernard E. Harcourt (born 1963) is an American critical theorist with a specialization in the area of punishment, surveillance, legal and political theory, and political economy.

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Binary economics

Binary economics, also known as Two-factor Economics, is a theory of economics that endorses both private property and a free market but proposes significant reforms to the banking system.

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Black market

A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules.

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Business is the activity of making one's living or making money by producing or buying and selling products (goods and services).

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Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.

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Classical economics

Classical economics or classical political economy (also known as liberal economics) is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century.

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Coercive monopoly

In economics and business ethics, a coercive monopoly is a firm that is able to raise prices, and make production decisions, without risk of competition arising to draw away their customers.

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Columbia University Press

Columbia University Press is a university press based in New York City, and affiliated with Columbia University.

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Competition law

Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.

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Conflict of interest

A conflict of interest (COI) is a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another.

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A consumer is a person or organization that use economic services or commodities.

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A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies.

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A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise".

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Coordinated market economy

No description.

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Cornel West

Cornel Ronald West (born June 2, 1953) is an American philosopher, political activist, social critic, author, and public intellectual.

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A corporation is a company or group of people or an organisation authorized to act as a single entity (legally a person) and recognized as such in law.

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Crony capitalism

Crony capitalism is an economy in which businesses thrive not as a result of risks they take, but rather as a return on money amassed through a nexus between a business class and the political class.

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David Ricardo

David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.

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Deadweight loss

A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.

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Depression (economics)

In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies.

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The term dogma is used in pejorative and non-pejorative senses.

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Economic equilibrium

In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

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Economic liberalism

Economic liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations.

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Economic planning

Economic planning is a mechanism for the allocation of resources between and within organizations which is held in contrast to the market mechanism.

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Economic rent

In economics, economic rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production.

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Economic sociology

Economic sociology is the study of the social cause and effect of various economic phenomena.

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Economic surplus

In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities.

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Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Economy of the Soviet Union

The economy of the Soviet Union (экономика Советского Союза) was based on a system of state ownership of the means of production, collective farming, industrial manufacturing and centralized administrative planning.

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Elasticity (economics)

In economics, elasticity is the measurement of how an economic variable responds to a change in another.

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Employee stock ownership plan

An employee stock ownership plan (ESOP) is an employee-owner program that provides a company's workforce with an ownership interest in the company.

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Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business.

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Equality of outcome

Equality of outcome, equality of condition, or equality of results is a political concept which is central to some political ideologies and is used regularly in political discourse, often in contrast to the term equality of opportunity.

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Exploitation of labour

Exploitation of labour is the act of treating one's workers unfairly for one's own benefit.

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Farrar, Straus and Giroux

Farrar, Straus and Giroux (FSG) is an American book publishing company, founded in 1946 by Roger W. Straus, Jr. and John C. Farrar.

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Fascism is a form of radical authoritarian ultranationalism, characterized by dictatorial power, forcible suppression of opposition and control of industry and commerce, which came to prominence in early 20th-century Europe.

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Financial services

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises.

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Fiscal burden of government

In economics, the fiscal burden of government imposed onto its taxpayers is the influence of the tax levied on the purchasing power of the taxpayers.

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Frédéric Bastiat

Claude-Frédéric Bastiat (29 June 1801 – 24 December 1850) was a French economist and writer who was a prominent member of the French Liberal School.

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Fred L. Block

Fred L. Block is an American sociologist, and Professor of Sociology at the University of California, Davis.

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Free trade

Free trade is a free market policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.

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Free-market anarchism

Free-market anarchism, or market anarchism, includes several branches of anarchism that advocate an economic system based on voluntary market interactions without the involvement of the state.

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Freedom of choice

Freedom of choice describes an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties.

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Friedrich Hayek

Friedrich August von Hayek (8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher best known for his defense of classical liberalism.

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Gérard Debreu

Gérard Debreu (4 July 1921 – 31 December 2004) was a French-born American economist and mathematician.

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General equilibrium theory

In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.

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Geolibertarianism is a political and economic ideology that integrates libertarianism with Georgism (alternatively geoism or geonomics).

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Georgism, also called geoism and single tax (archaic), is an economic philosophy holding that, while people should own the value they produce themselves, economic value derived from land (including natural resources and natural opportunities) should belong equally to all members of society.

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A government is the system or group of people governing an organized community, often a state.

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Government-granted monopoly

In economics, a government-granted monopoly (also called a "de jure monopoly") is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement.

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Grey market

A grey or gray market (sometimes confused with the similar term parallel market) refers to the trade of a commodity through distribution channels that are legal but unintended by the original manufacturer or trade mark proprietor.

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Ha-Joon Chang

Ha-Joon Chang (born 7 October 1963) is a South Korean institutional economist and socialist specialising in development economics.

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Harvard University Press

Harvard University Press (HUP) is a publishing house established on January 13, 1913, as a division of Harvard University, and focused on academic publishing.

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Henry George

Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist.

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Idealized cognitive model

An Idealized Cognitive Model, or ICM, is the name given in cognitive linguistics to describe the phenomenon in which knowledge represented in a semantic frame is often a conceptualization of experience that is not congruent with reality.

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Index of Economic Freedom

The Index of Economic Freedom is an annual index and ranking created by The Heritage Foundation and The Wall Street Journal in 1995 to measure the degree of economic freedom in the world's nations.

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Inequality of bargaining power

In law, economics and the social sciences, inequality of bargaining power is where one party to a "bargain", contract or agreement, has more and better alternatives than the other party.

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Information asymmetry

In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.

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Intrinsic value (finance)

In finance, intrinsic value refers to the value of a company, stock, currency or product determined through fundamental analysis without reference to its market value.

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Invisible hand

The invisible hand is a term used by Adam Smith to describe the unintended social benefits of an individual's self-interested actions.

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Jacob Hacker

Jacob Stewart Hacker (born 1971) is the Director of the Institution for Social and Policy Studies and Stanley B. Resor Professor of Political Science at Yale University.

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James S. Albus

James Sacra Albus (May 4, 1935 – April 17, 2011) was an American engineer, Senior NIST Fellow and founder and former chief of the Intelligent Systems Division of the Manufacturing Engineering Laboratory at the National Institute of Standards and Technology (NIST).

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Jaroslav Vanek

Jaroslav Vaněk (20 April 1930 – 15 November 2017) was an economist and Professor Emeritus of Cornell University known for his research on economics of participation (labour-managed firms, worker cooperatives) and, in his earlier career, on the theory of international trade.

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Jean-Baptiste Say

Jean-Baptiste Say (5 January 1767 – 15 November 1832) was a French economist and businessman who had classically liberal views and argued in favor of competition, free trade and lifting restraints on business.

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John Ralston Saul

John Ralston Saul, (born June 19, 1947) is a Canadian award-winning philosopher, novelist and essayist.

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Joseph Stiglitz

Joseph Eugene Stiglitz (born February 9, 1943) is an American economist and a professor at Columbia University.

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Journal of Economic Dynamics and Control

The Journal of Economic Dynamics and Control (JEDC) is a peer-reviewed scholarly journal devoted to computational economics, dynamic economic models, and macroeconomics.

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Karl Polanyi

Karl Paul Polanyi (Polányi Károly; October 25, 1886 – April 23, 1964) was an Austro-Hungarian economic historian, economic anthropologist, economic sociologist, political economist, historical sociologist and social philosopher.

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Keynesian economics

Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).

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Laissez-faire (from) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.

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Land, sometimes referred to as dry land, is the solid surface of Earth that is not permanently covered by water.

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Land value tax

A land/location value tax (LVT), also called a site valuation tax, split rate tax, or site-value rating, is an ad valorem levy on the unimproved value of land.

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Lange model

The Lange model (or Lange–Lerner theorem) is a neoclassical economic model for a hypothetical socialist economy based on public ownership of the means of production and a trial-and-error approach to determining output targets and achieving economic equilibrium and Pareto efficiency.

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Lawrence Reed

Lawrence W. Reed (born September 29, 1953), also known as Larry Reed, is president of the Foundation for Economic Education (FEE).

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Léon Walras

Marie-Esprit-Léon Walras (16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist.

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Liberalization (or liberalisation) is a general term for any process whereby a state lifts restrictions on some private individual activities.

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Liquidity trap

A liquidity trap is a situation, described in Keynesian economics, in which, "after the rate of interest has fallen to a certain level, liquidity preference may become virtually absolute in the sense that almost everyone prefers cash holding a debt which yields so low a rate of interest."Keynes, John Maynard (1936) The General Theory of Employment, Interest and Money, United Kingdom: Palgrave Macmillan, 2007 edition, A liquidity trap is caused when people hoard cash because they expect an adverse event such as deflation, insufficient aggregate demand, or war.

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Louis O. Kelso

Louis Orth Kelso (December 4, 1913 – February 17, 1991) was a political economist, corporate and financial lawyer, author, lecturer and merchant banker who is chiefly remembered today as the inventor and pioneer of the employee stock ownership plan (ESOP), invented to enable working people without savings to buy stock in their employer company and pay for it out of its future dividend yield.

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Market (economics)

A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.

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Market economy

A market economy is an economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.

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Market fundamentalism

Market fundamentalism (also known as free market fundamentalism) is a term applied to a strong belief in the ability of unregulated laissez-faire or free market policies to solve most economic and social problems.

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Market power

In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost.

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Market socialism

Market socialism is a type of economic system involving the public, cooperative or social ownership of the means of production in the framework of a market economy.

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Marxism is a method of socioeconomic analysis that views class relations and social conflict using a materialist interpretation of historical development and takes a dialectical view of social transformation.

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Michael J. Sandel

Michael J. Sandel (born March 5, 1953) is an American political philosopher.

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Milton Friedman

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.

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Minimum wage

A minimum wage is the lowest remuneration that employers can legally pay their workers.

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Mutualism (economic theory)

Mutualism is an economic theory and anarchist school of thought that advocates a society with free markets and occupation and use property norms.

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Naomi Klein

Naomi Klein (born May 8, 1970) is a Canadian author, social activist, and filmmaker known for her political analyses and criticism of corporate globalization and of capitalism.

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Natural resource

Natural resources are resources that exist without actions of humankind.

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Neoclassical economics

Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

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Neoliberalism or neo-liberalism refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism.

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New institutional economics

New institutional economics (NIE) is an economic perspective that attempts to extend economics by focusing on the social and legal norms and rules (which are institutions) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics.

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Nobel Memorial Prize in Economic Sciences

The Nobel Memorial Prize in Economic Sciences (officially Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, or the Swedish National Bank's Prize in Economic Sciences in Memory of Alfred Nobel), commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field.

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Pareto efficiency

Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.

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Participatory economics

Participatory economics, often abbreviated parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society.

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Paul Pierson

Paul Pierson (born 1959) is a professor of political science and holder of the John Gross Endowed Chair of Political Science (and he holds/held the Avice Saint Chair of Public Policy) at the University of California, Berkeley.

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Paul Verhaeghe

Paul Verhaeghe (born in Roeselare, November 5, 1955), is a Belgian professor of clinical psychology and psychoanalysis.

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Perfect competition

In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.

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Pierre-Joseph Proudhon

Pierre-Joseph Proudhon (15 January 1809 – 19 January 1865) was a French politician and the founder of mutualist philosophy.

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Planned economy

A planned economy is a type of economic system where investment and the allocation of capital goods take place according to economy-wide economic and production plans.

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A police force is a constituted body of persons empowered by a state to enforce the law, to protect people and property, and to prevent crime and civil disorder.

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Political economy

Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth.

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Political science

Political science is a social science which deals with systems of governance, and the analysis of political activities, political thoughts, and political behavior.

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Politics (from Politiká, meaning "affairs of the cities") is the process of making decisions that apply to members of a group.

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Popular culture

Popular culture (also called pop culture) is generally recognized as a set of the practices, beliefs, and objects that are dominant or ubiquitous in a society at a given point in time.

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Price controls

Price controls are governmental restrictions on the prices that can be charged for goods and services in a market.

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Price fixing

Price fixing is an agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand.

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Profit motive

In economics, the profit motive is the motivation of firms that operate so as to maximize their profits.

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Profit sharing

Profit sharing refers to various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses.

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Purchasing power

Purchasing power (sometimes retroactively called adjusted for inflation) is the number and quality or value of goods and services that can be purchased with a unit of currency.

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A quasi-market is a public sector institutional structure that is designed to reap the supposed efficiency gains of free markets without losing the equity benefits of traditional systems of public administration and financing.

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In economics, a recession is a business cycle contraction which results in a general slowdown in economic activity.

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Regulated market

A regulated market (RM) or controlled market is an idealized system where the government controls the forces of supply and demand, such as who is allowed to enter the market and/or what prices may be charged.

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Ricardian socialism

Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo (1772–1823).

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Richard Cantillon

Richard Cantillon (1680s –) was an Irish-French economist and author of Essai sur la Nature du Commerce en Général (Essay on the Nature of Trade in General), a book considered by William Stanley Jevons to be the "cradle of political economy".

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Right-wing politics

Right-wing politics hold that certain social orders and hierarchies are inevitable, natural, normal or desirable, typically supporting this position on the basis of natural law, economics or tradition.

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Robert Kuttner

Robert Kuttner (born April 17, 1943) is an American journalist and writer whose works present a liberal / progressive point of view.

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Social equality

Social equality is a state of affairs in which all people within a specific society or isolated group have the same status in certain respects, including civil rights, freedom of speech, property rights and equal access to certain social goods and services.

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Socialism is a range of economic and social systems characterised by social ownership and democratic control of the means of production as well as the political theories and movements associated with them.

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Speculation is the purchase of an asset (a commodity, goods, or real estate) with the hope that it will become more valuable at a future date.

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Spontaneous order

Spontaneous order, also named self-organization in the hard sciences, is the spontaneous emergence of order out of seeming chaos.

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State-owned enterprise

A state-owned enterprise (SOE) is a business enterprise where the state has significant control through full, majority, or significant minority ownership.

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Steven K. Vogel

Steven Kent Vogel is an American academic, journalist, author and political scientist.

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Stock exchange

A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments.

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Supply and demand

In microeconomics, supply and demand is an economic model of price determination in a market.

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A tariff is a tax on imports or exports between sovereign states.

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TED (conference)

TED Conferences, LLC (Technology, Entertainment, Design) is a media organization that posts talks online for free distribution, under the slogan "ideas worth spreading".

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The Freeman

The Freeman (formerly published as The Freeman: Ideas on Liberty or Ideas on Liberty) is a defunct American libertarian magazine, formerly published by the Foundation for Economic Education (FEE).

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The Globalist

The Globalist is a daily online magazine that "focuses on the economics, politics and culture" of globalization.

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The Great Transformation (book)

The Great Transformation is a book by Karl Polanyi, a Hungarian-American political economist.

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The Heritage Foundation

The Heritage Foundation (abbreviated to Heritage) is an American conservative public policy think tank based in Washington, D.C. The foundation took a leading role in the conservative movement during the presidency of Ronald Reagan, whose policies were taken from Heritage's policy study Mandate for Leadership.

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The New York Review of Books

The New York Review of Books (or NYREV or NYRB) is a semi-monthly magazine with articles on literature, culture, economics, science and current affairs.

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The Shock Doctrine

The Shock Doctrine: The Rise of Disaster Capitalism is a 2007 book by the Canadian author and social activist Naomi Klein.

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The Washington Post

The Washington Post is a major American daily newspaper founded on December 6, 1877.

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The Wealth of Nations

An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith.

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Think tank

A think tank, think factory or policy institute is a research institute/center and organisation that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture.

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Thomas Robert Malthus

Thomas Robert Malthus (13 February 1766 – 23 December 1834) was an English cleric and scholar, influential in the fields of political economy and demography.

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Trade union

A trade union or trades union, also called a labour union (Canada) or labor union (US), is an organization of workers who have come together to achieve many common goals; such as protecting the integrity of its trade, improving safety standards, and attaining better wages, benefits (such as vacation, health care, and retirement), and working conditions through the increased bargaining power wielded by the creation of a monopoly of the workers.

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Transparency (market)

In economics, a market is transparent if much is known by many about: What products and services or capital assets are available, market depth (quantity available), what price, and where.

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United States antitrust law

United States antitrust law is a collection of federal and state government laws that regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers.

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Voluntary exchange

Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions.

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Welfare is a government support for the citizens and residents of society.

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Winston Churchill

Sir Winston Leonard Spencer-Churchill (30 November 187424 January 1965) was a British politician, army officer, and writer, who was Prime Minister of the United Kingdom from 1940 to 1945 and again from 1951 to 1955.

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Worker cooperative

A worker cooperative, is a cooperative that is owned and self-managed by its workers.

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[1] https://en.wikipedia.org/wiki/Free_market

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