Free Market Economy Advantages And Disadvantages

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There are so many pressing issues which results into negative consequences of the globalized world. One of such tensions is the creation of a free market economy, which promoted a self-enrichment of developed nations against the developing countries in several ways; The relationship between the corporate organizations and the policies of the world bank, International Monetary fund ( IMF) and World Trade organization ( WTO), which were constantly influenced by capitalist states and led to the transfer of investments from developed economies to developing countries that have very weak laws. These corporations end up exploiting the poor people by paying low wages and buy raw materials cheaply in order to maximize profit.

According to The Intelligent Economist; it’s a market that promotes the production, sales of goods and services with little or no control from any central government agency, firms and households act in self interest to determine how resources and expenditure are determined, how production is conducted and who buys the product. What is best for businesses and
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The advantages and disadvantages of free market are necessarily preconditions or effect on each other.

It can be argued that free market economy facilitated by globalization in not a perfect concept neither are completely regulated economies, governments should try to strike a balance between free market and the amount of government regulation needed to protect the people and the environment. If the government can strike this balance, the public will be protected and businesses will also
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