A Free Market Requires Voluntary Actions

Stefan Kirkegaard Sløk-Madsen

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    Abstract

    This paper draws attention to the importance of the understanding of voluntary actions in the free market construct. Failing to understand the role of voluntary actions in the free market construct will often result in discussions of capitalism versus socialism focusing on asset ownership and not consumer sovereignty. I argue that asset ownership is less important than true consumer sovereignty, which again is the essential argument for why capitalism is the superior mode of resource allocation and social organization. The paper analyzes how our understanding of markets and voluntary actions are essential to the construct of consumer sovereignty. Understanding the degree of voluntary actions in a given commercial setting has implications for both business strategy and policy making. This paper thus aims to contribute to explain why restricted markets become crony capitalism.
    Original languageEnglish
    Publication date2017
    Number of pages14
    Publication statusPublished - 2017
    EventThe Association of Private Enterprise Education 2016: 41st Annual Meetings - Las Vegas, Nevada, United States
    Duration: 3 Apr 20165 Apr 2016
    Conference number: 41
    https://www.apee.org/conference/

    Conference

    ConferenceThe Association of Private Enterprise Education 2016
    Number41
    CountryUnited States
    CityLas Vegas, Nevada
    Period03/04/201605/04/2016
    Internet address

    Keywords

    • Commercialization
    • Free markets
    • Strategy
    • Sales
    • Public policy
    • Social orders
    • Language studies

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