Free market capitalists are individuals who support an economic system based on private ownership, competition, and minimal government intervention. They believe in the power of free markets to allocate resources efficiently and promote economic growth.
Related terms
Laissez-faire: This term refers to a policy of non-interference by the government in economic matters. It means letting businesses operate freely without excessive regulations.
Invisible hand: This concept, introduced by economist Adam Smith, suggests that individual self-interest in a free market leads to desirable outcomes for society as a whole, as if there was an invisible hand guiding economic decisions.
Supply and demand: These two terms represent the fundamental forces that determine prices and quantities in a market. When supply goes up or demand goes down, prices tend to decrease; when supply goes down or demand goes up, prices tend to increase.