Home > Free Essays > Economics > Economic Systems & Principles > Free Economic Market Ideology: Pros and Cons
Cite this

Free Economic Market Ideology: Pros and Cons Essay


The argument that supports the free market is most likely based on the belief that its participants are always just in their decision making (Bauman, 2017). Therefore, if both parties have the integrity to propose fair deals and offer goods at reasonable prices, they can benefit from every transaction (Philo & Miller, 2014). However, this concept does not represent every possible situation on the market. Indeed, I believe that for the statement supporting the free market to be true it has to explain that only fair deals can bring benefits to both parties without restricting people’s rights. The examples provided in the previous comment show that parties may not benefit from transactions if people are trying to manipulate the supply and demand for certain goods. Moreover, individuals and businesses with unethical practices do not have a place in the free market because they contradict their values with their unfair behavior.

However, I also think a transaction between parties in which one of them is manipulated into paying cannot be considered a part of the free market. The ideology behind this concept believes that both parties have to be free, including any restraints from the government or other influencing forces. Thus, only a handful of situations can fit in with this concept. According to Slater (2016), deregulation of the market can lead to parties being forced to pay more for the goods that they once were able to afford. Again, one of the reasons for that happening is the unfair use of the lack of control. All in all, the notion of having a completely free market without any restrictions seems viable only if people are just enough not to misuse it. I disagree that this statement is universally true as it fails to consider all possible relationships of the market rationally.

References

Bauman, D. (2017). Palgrave Communications, 3. Web.

Philo, G., & Miller, D. (Eds.). (2014). Market killing: What the free market does and what social scientists can do about it (2nd ed.). New York, NY: Routledge.

Slater, T. (2016). The housing crisis in neoliberal Britain: Free market think tanks and the production of ignorance. In S. Springer, K. Birch, & J. MacLeavy (Eds.), The Routledge handbook of neoliberalism (pp. 370-382). New York, NY: Routledge.

This essay on Free Economic Market Ideology: Pros and Cons was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.

Need a custom Essay sample written from scratch by
professional specifically for you?

Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar

301 certified writers online

GET WRITING HELP
Cite This paper

Select a referencing style:

Reference

IvyPanda. (2020, September 2). Free Economic Market Ideology: Pros and Cons. Retrieved from https://ivypanda.com/essays/free-economic-market-ideology-pros-and-cons/

Work Cited

"Free Economic Market Ideology: Pros and Cons." IvyPanda, 2 Sept. 2020, ivypanda.com/essays/free-economic-market-ideology-pros-and-cons/.

1. IvyPanda. "Free Economic Market Ideology: Pros and Cons." September 2, 2020. https://ivypanda.com/essays/free-economic-market-ideology-pros-and-cons/.


Bibliography


IvyPanda. "Free Economic Market Ideology: Pros and Cons." September 2, 2020. https://ivypanda.com/essays/free-economic-market-ideology-pros-and-cons/.

References

IvyPanda. 2020. "Free Economic Market Ideology: Pros and Cons." September 2, 2020. https://ivypanda.com/essays/free-economic-market-ideology-pros-and-cons/.

References

IvyPanda. (2020) 'Free Economic Market Ideology: Pros and Cons'. 2 September.

More related papers