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What are Some Examples of Free Market Economies?
Companies sell goods and services at the highest price consumers are willing to pay, while
workers demand the highest wages companies are willing to pay for their services.
While certain U. S. industries generate more government scrutiny than others, private companies, rather
than the government, control most sectors; the country also practices free trade with much of the world
For example, while the U. S. allows companies to set prices,
and workers negotiate wages, the government establishes parameters, such as minimum wages and antitrust laws, that must be followed.
Based on the latest Index of Economic Freedom Hong Kong, with its extremely low tax rates, minimal regulations on businesses
and highly capitalist system of economics, ranks as 89.8% economically free, which is the highest rating in the world.
A purely capitalist economy is a free market economy; the profit motive drives all commerce
and forces businesses to operate as efficiently as possible to avoid losing market share to competitors.
Free market economies and command economies exist more as abstract concepts than as tangible
realities; almost all of the world’s economies feature elements of both systems.
The government controls the means of production and the distribution of wealth,
dictating the prices of goods and services, and the wages workers receive.