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Aside
27 Jul

A market is traditionally a place where buying and selling takes place. A free market implies the
buyer and seller transact without any form of compulsion or cohesion. Importance and benefits of
trade to general wellbeing of the society are clearly obvious: goods and services are moved towards
those who value them more; specialization(and division of labour) is encouraged; and cost of
producing goods and services are lowered(due to mass production). The big question is whether
markets should be allowed to operate freely or be regulated by controls. Should governments throw
their people into the cold “invisible hands” of market forces? Wouldn’t the “weaker” components of
the society be swallowed up by the greedy, powerful rich? A follow-up question would be if free
markets will work well in certain parts of the world but would not do so in other areas.

Read more at Is the free market economy alien to Africa’s development?

Is the free market economy alien to Africa’s development? Tuesday, January 18, 2010 By Alex Ndung’u Njeru,1st Prize Winner, Africanliberty 2010 Essay Competition, Maseno University; Kenya

 
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Posted by on July 27, 2012 in Uncategorized

 

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