Free market...who coined this term?

Question

can you explain the significance of free market.

is it diffrent from free trade ?

Answer 1

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A free market is a market where the price of each item or service is arranged by the mutual consent of sellers and buyers (see supply and demand); the opposite is a controlled market, where supply and price are set by a government.[1] However, while a free market necessitates that government does not dictate prices, it also requires the traders themselves do not coerce or defraud each other, so that all trades are morally voluntary.[2]

The notion of a free market is closely associated with laissez-faire economic philosophy, which advocates approximating this condition in the real world by mostly confining government intervention in economic matters to regulating against force and fraud among market participants. Hence, with government force limited to a defensive role, government itself does not initiate force in the marketplace beyond levying taxes in order to fund the maintenance of the free marketplace. Some free market advocates oppose taxation as well, claiming that the market is better at providing all valuable services including defense and law. Anarcho-capitalists, for example, would substitute arbitration agencies and private defense agencies.

In political economics, the opposite extreme to the free market economy is the command economy, where decisions regarding production, distribution, and pricing are a matter of governmental control. In other words, a free market economy is "an economic system in which individuals, rather than government, make the majority of decisions regarding economic activities and transactions."[3] In social philosophy, a free market economy is a system for allocating goods within a society: supply and demand within the market determines who gets what and what is produced, rather than the state. Early proponents of a free-market economy in 18th century Europe contrasted it with the medieval, early-modern and mercantilist economies which preceded it.

Answer 2

Market fundamentalism (or free-market fundamentalism) is a term coined by George Soros, to criticize the belief that the free market is always beneficial to society. As it is a pejorative term, the people and organizations it refers to will generally reject the label. The meaning can be considered economic liberalism or laissez-faire capitalism applied logically and consistently in all fields.

Answer 3

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Answer 4

americans?