"Decision-making autonomy is key. Participation in the exchange is voluntary; both buyer and seller are able to veto any deal. They are separate entities. Controlling their own resources, the participants in a market, in deciding how those resources are to be used, are not obliged to follow others' orders." (pg. 5).
McMillan tells that the only way for something to truly be a market transaction is if there is freedom of choice. Freedom for sellers to sell at a price they see fit. Freedom for buyers to choose if that product and price is one the works for them. If they don't agree with it, then they also have the choice to go somewhere else.
People may distrust markets for multiple reasons. In the U.S. the unequal distribution of wealth makes it so that people question the fairness of these markets. They see millions of Americans in poverty and question the benefits of a free market system and encourage more government intervention. On the other hand, many people are against any government intervention. They believe that government involvement would do more harm then good.
I believe that a market is the most effective method to developing a strong economy. However I also think that the government can play a role in providing support for those in poverty and helping them better their lives and thus lowering the poverty rate making the economy better as a whole.
I believe that a market is the most effective method to developing a strong economy. However I also think that the government can play a role in providing support for those in poverty and helping them better their lives and thus lowering the poverty rate making the economy better as a whole.
Rules are important in a market. The regulation is necessary to create the best opportunities for everyone. Without rules, there would not be equal opportunity, the person with the most power and resources would control the market. This would then take away opportunities for everyone else.
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