How a Market Economy Work? Advantages of a Market Economy


The Top 25 Most Economically Free Countries in the World (2021)


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Market Economy

The Top 25 Most Economically Free Countries in the World (2021):

  1. Taiwan (Republic of China) — 9.02

  2. Hong Kong (China SAR) — 8.91

  3. Singapore — 8.81

  4. New Zealand — 8.56

  5. Switzerland — 8.48

  6. Georgia — 8.26

  7. United States — 8.24

  8. Ireland — 8.21

  9. Lithuania — 8.21

  10. Australia — 8.20

  11. Denmark — 8.17

  12. Mauritius — 8.16

  13. United Kingdom — 8.15

  14. Estonia — 8.11

  15. Canada — 8.06

  16. Malta — 8.03

  17. Armenia — 8.03

  18. Japan — 7.98

  19. Latvia — 7.94

  20. Finland — 7.92

  21. Germany — 7.91

  22. Iceland — 7.90

  23. Spain — 7.89

  24. Cyprus — 7.89

  25. Romania — 7.88

  26. Czech Republic — 7.87

Cuba, China, and North Korea are examples of mixed economies that hew closer to a command economy than a free market economy.

Market Economy - Key takeaways

  • A free market economy and market economy are used interchangeably.

  • Private property, freedom, self-interest, competition, minimum government intervention are the characteristics of a market economy.

  • A market economy is governed by supply and demand.

  • The most important advantages of a market economy include efficient allocation of resources, competition driving innovation, consumer sovereignty, and flexibility to adapt to changing market conditions.

  • Disadvantages of a market economy include inequality, negative externalities, limited government intervention, uncertainty and instability, and lack of public goods.

  • The distribution of available resources for diverse purposes is referred to as 
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