Free market and Market fundamentalism

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Difference between Free market and Market fundamentalism

Free market vs. Market fundamentalism

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. 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.

Dogma

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

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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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Fred L. Block

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

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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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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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Joseph Stiglitz

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

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Laissez-faire

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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Neoliberalism

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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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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Profit motive

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

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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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