In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants.
A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise. Common to all mixed economies is a combination of free-market principles and principles of socialism. While there is no single definition of a mixed economy, one definition is about a mixture of markets with state interventionism, referring specifically to a capitalist market economy with strong regulatory oversight and extensive interventions into markets. Another is that of active collaboration of capitalist and socialist visions. Yet another definition is apolitical in nature, strictly referring to an economy containing a mixture of private enterprise with public enterprise. Alternatively, a mixed economy can refer to a reformist transitionary phase to a socialist economy that allows a substantial role for private enterprise and contracting within a dominant economic framework of public ownership. This can extend to a Soviet-type planned economy that has been reformed to incorporate a greater role for markets in the allocation of factors of production.
Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity, and from collective or cooperative property, which is owned by one or more non-governmental entities.
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Wilhelm Röpke was a German economist and social critic, best known as one of the spiritual fathers of the social market economy. A Professor of Economics, first in Jena, then in Graz, Marburg, Istanbul, and finally Geneva, Switzerland, Röpke theorised and collaborated to organise the post-World War II economic re-awakening of the war-wrecked German economy, deploying a program sometimes referred to as the sociological neoliberalism.
Spontaneous order, also named self-organization in the hard sciences, is the spontaneous emergence of order out of seeming chaos. The term "self-organization" is more often used for physical changes and biological processes, while "spontaneous order" is typically used to describe the emergence of various kinds of social orders in human social networks from the behavior of a combination of self-interested individuals who are not intentionally trying to create order through planning. Proposed examples of systems which evolved through spontaneous order or self-organization include the evolution of life on Earth, language, crystal structure, the Internet, Wikipedia, and a free market economy.
The Berkeley Mafia was the term given to a group of University of California-trained economists in Indonesia who were given technocratic positions under the Suharto dictatorship during the late 1960s. They were appointed in the early stages of the New Order administration. Their work focused on promoting free-market capitalism in Indonesia and reversing many of the progressive economic reforms that had been introduced by the Sukarno government. The economic system in place under the New Order regime was termed crony capitalism due to the vast corruption within the country throughout this period. The Berkeley Mafia, like the Suharto dictatorship itself, aligned with the United States during the Cold War.
The Anglo-Saxon model is a regulated market-based economic model that emerged in the 1970s based on the Chicago school of economics, spearheaded in the 1980s in the United States by the economics of then President Ronald Reagan, and reinforced in the United Kingdom by then Prime Minister Margaret Thatcher. However, its origins are said to date to the 18th century in the United Kingdom and the ideas of the classical economist Adam Smith.
Hüseyin Mükerrem Hiç was a Turkish professor of economics and political economy at Istanbul University, Istanbul, Turkey, with former posts at Harvard University, Princeton University and Columbia University. He also served as a member of Grand National Assembly of Turkey between 1983 and 1987.
Boediono is an Indonesian economist and statesman. He was the 11th vice president of Indonesia, in office from 2009 to 2014. He became vice president after winning the 2009 presidential election together with the then-incumbent President Susilo Bambang Yudhoyono. Prior to this he had been the Governor of the Indonesian Central Bank and a professor of economics at Gadjah Mada University.
Sri Edi Swasono is a professor of economics at the University of Indonesia. He was a member People's Consultative Assembly (MPR) of the emissary group in the New Order era of Indonesia, ruled by President Soeharto. He has been involved in the cooperative world. His wife is the first daughter of Mohammad Hatta, the father of cooperative Indonesia and the first vice president of Indonesia. Sri Edi spent his life to study and to fight for the development of cooperatives in Indonesia.
Prof. Dr. Widjojo Nitisastro was an Indonesian economist, who was known as the main architect of the Indonesian economy during the New Order regime of president Suharto, serving as Minister for National Development (1971–1983) and Coordinating Minister for Economy, Finance and Industry (1973–1983). He was one of Indonesia's best-known and most respected economic policy-makers, both within Indonesia and overseas.
Croatia and Indonesia established diplomatic relations in 1992. Croatia sees Indonesia as one of the largest and the most influential nation in ASEAN, and recognized its potential as the gate to enter ASEAN markets. Vice versa, Indonesia also recognizes Croatian potential as a strategic gate to penetrate Balkans and European Union market. Croatia has an embassy in Jakarta, while Indonesian embassy in Zagreb was established in 2010.
Social ownership is the appropriation of the surplus product, produced by the means of production, or the wealth that comes from it, to society as a whole. It is the defining characteristic of a socialist economic system. It can take the form of community ownership, state ownership, common ownership, employee ownership, cooperative ownership, and citizen ownership of equity. Traditionally, social ownership implied that capital and factor markets would cease to exist under the assumption that market exchanges within the production process would be made redundant if capital goods were owned and integrated by a single entity or network of entities representing society. However, the articulation of models of market socialism where factor markets are utilized for allocating capital goods between socially owned enterprises broadened the definition to include autonomous entities within a market economy. Social ownership of the means of production is the common defining characteristic of all the various forms of socialism.
Socialist economics comprises the economic theories, practices and norms of hypothetical and existing socialist economic systems. A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit. Socialist systems that utilize markets for allocating capital goods and factors of production among economic units are designated market socialism. When planning is utilized, the economic system is designated as a socialist planned economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind to value resources and goods.
The socialist calculation debate, sometimes known as the economic calculation debate, was a discourse on the subject of how a socialist economy would perform economic calculation given the absence of the law of value, money, financial prices for capital goods and private ownership of the means of production. More specifically, the debate was centered on the application of economic planning for the allocation of the means of production as a substitute for capital markets and whether or not such an arrangement would be superior to capitalism in terms of efficiency and productivity.
Coordinating Ministry for Economic Affairs is the Indonesian government ministry in charge of planning and policy co-ordination, as well as synchronisation of policies in the fields of economics. The ministry is led by a Coordinating Minister for Economics Affairs, who is Airlangga Hartarto since 23 October 2019.
The following outline is provided as an overview of and topical guide to socialism, a range of economic and social systems characterised by social ownership of the means of production and workers' self-management as well as the political theories and movements associated with them.
Mubyarto was an Indonesian economist. He was born in Sleman, in Yogyakarta, and became a professor of economics at Gadjah Mada University in Yogyakarta specialising in agricultural economics. He frequently wrote and spoke about challenges of agricultural development in Indonesia. Later in his career he became known for his interest in Pancasila economics and ekonomi rakyat.
