Free Market - Are government regulations necessary?
As the economy is showing signs of improvement, the debate regarding 'free market' will be important to understand. According to Chris Seabury:
The U.S. economy is essentially a free market economy - an economic market that is run by supply and demand - with some government regulation. In a true free market, buyers and sellers conduct their business without any government regulation, but there is a continuing debate among politicians and economists about how much government regulation is necessary in the U.S. economy.
Those who want less regulation argue that if you remove government restrictions, the free market will force businesses to protect consumers, provide superior products or services, and create affordable prices for everyone. They believe that the government is inefficient and creates nothing but a big bureaucracy that increases the cost of doing business for everyone.
Those who argue that government regulations are necessary to protect consumers, the environment and the general public claim that corporations are not looking out for the public's interest, and that it is precisely for this reason that regulations are required.