Free Market Economy

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The United States is known to operate in a free market economy. In other words, the economy is based solely on supply and demand with little to no government control. In reality, however, the United States has various government regulations on our country’s market. The amount of regulation that is necessary is a continuing debate among politicians and economists to this day. Some would say that the key to a successful market economy is to remove government restrictions in order to force businesses to provide superior products and services at affordable prices. Yet, others assert that government regulations are essential in protecting consumers, stemming from the assumption that corporations are not always looking out for the public’s interest. Of course, there are various advantages and disadvantages associated with each level of regulation, however it is safe to assume that there must be a balance between an unregulated free market and a regulated economy in order to protect people and the environment and allow the economy to flourish.
Advantages of a Free Market Economy A free market is driven by individual innovation and the concept that hard work and initiative will be rewarded with success. Because of the ingenuity factor, there is plenty of competition in the market place. Therefore, the rivalry between companies provides the best possible product to the customer at the best price. In addition, this gives consumers the ability to let their voices be heard, since
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