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Word Count: 911
Discuss why the phrase The Free Market may be an oxymoron In particular describe the types of laws rules and regulations that must be in place and enforced in order for a modern business assume a manufacturer of consumer products to thrive in a global environment The Free Market is frequently characterized as a market or free enterprise economy operating in economic activities with minimal government intervention The power of corporations to manipulate and control markets is now enormous and because of the handcuffs placed on governments by trade deals it is growing exponentially In the todays western political economy however the role of regulation has become a vital intervention to co-exist with the free market principle Society aims to achieve economic and social performance goals Economic performance goals include such things as low unemployment efficient productivity and optimal relationships among prices costs and profits Social performance goals are based on the common values of well being such as ethics and morals Our economy has become more integrated and international over time and to achieve such economic and social performance goals regulations need to be drafted and enforced appropriately to allow the modern business to thrive in a global environment In the past regulations such as controls over price transportation entry and wage and working conditions amongst others existed before Adam Smiths eighteenth century notion of the Wealth of Nations One might say therefore that regulation is actually the natural state of affairs and that there is a disproving presumption against this concept of a Free Market Indeed with no government intervention there would be significant performance shortcomings consumers would be served unwholesome food breathe polluted air and pay unreasonably high prices Todays western political economies are characterized by a mix of systems that embrace both private markets and government regulation where policymakers select what they conceive to be the most suitable policies on a case-by-case basis Consumer products manufacturers
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