Market economy
Market economy is the social division of labor based on private ownership of means of production.
It is a cooperative system in which each individual is included in and to their interest. The state does not intervene in the subject market. In Mises’s view, the virtues of market economy are:
1. is based on private ownership,
2. consumer sovereignty (the essence of capitalism is the economic output of the available consumer)
3. capitalism, through competition to ensure their social stimulus (competition catalactică)
4. freedom sits at the base of building economic and social (the individual is able to choose how it wishes to integrate the whole society, economic freedom includes the freedom to err)
5. make profit and the pursuit of the driving force pushing a perpetual,
6. dynamics and ensure its vitality through an ongoing selection process.
The market does not mean a place, but a process, the manner in which the sale and purchase, through production and consumption, individuals contribute to the overall running of the company “(Ludwig von Mises,” capitalism and its enemies “)
A vision of Mises is opposite that of Karl Marx
