ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -No modern country operates with completely uninhibited free markets. That said, the most free markets tend to coincide with countries that value private property, capitalism, and individual rights.

Detailed explanation-2: -In reality, no country is purely capitalist and no country has a purely free market–there is some sort of combination of markets and regulation, with different countries falling at different places on the spectrum. Below, we list some of those countries that rank highest toward the free market end.

Detailed explanation-3: -No country has a fully free market economy. Countries’ economies exist on a spectrum of how free-market they are. The United States is one of the largest free market economies-though it certainly has a number of regulations, businesses and individuals are generally free to do business as they see fit.

Detailed explanation-4: -Pillars of capitalism In free markets, also called laissez-faire economies, markets operate with little or no regulation.

Detailed explanation-5: -Answer and Explanation: Even a free market economy needs some government intervention to enforce contracts, provide public goods, and address negative externalities.