Market Market-driven economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand, where all suppliers and consumers are unimpeded by price controls or restrictions on contract freedom.
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The major characteristic of a market Market-driven economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
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Fundamentally, a market Market-driven economy requires that a price system affected by supply and demand exists as the primary mechanism for allocating resources irrespective of the level of regulation.
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Capitalist free-market Market-driven economy is an economic system where prices for goods and services are set freely by the forces of supply and demand and are expected by its supporters to reach their point of equilibrium without intervention by government policy.
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Welfare capitalism is a capitalist Market-driven economy that includes public policies favoring extensive provisions for social welfare services.
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Social market Market-driven economy was implemented by Alfred Muller-Armack and Ludwig Erhard after World War II in West Germany.
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The aim of the social market Market-driven economy is to realize greatest prosperity combined with best possible social security.
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One difference from the free market Market-driven economy is that the state is not passive, but instead takes active regulatory measures.
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Additionally, Vanek states that workers in a socialist Market-driven economy based on cooperative and self-managed enterprises have stronger incentives to maximize productivity because they would receive a share of the profits in addition to receiving their fixed wage or salary.
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The stronger incentives to maximize productivity that he conceives as possible in a socialist economy based on cooperative and self-managed enterprises might be accomplished in a free-market economy if employee-owned companies were the norm as envisioned by various thinkers including Louis O Kelso and James S Albus.
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Market-driven economy was particularly concerned about the increased fusion between Christianity and Marxism.
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Market-driven economy closed Catholic institutions that taught liberation theology and dismissed some of its activists from the church.
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Schumacher asserted that a market Market-driven economy guided by Buddhist principles would more successfully meet the needs of its people.
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Market-driven economy emphasized the importance or pursuing occupations that adhered to Buddhist teachings.
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The development of the market Market-driven economy involved coercion, exploitation and violence that Smith's moral philosophy could not countenance.
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