A free market is a market where prices are determined by supply and demand, with little or no government control.[1] Free markets contrast with controlled markets in which prices, supply or demand is directly controlled. Various economic theories require specific properties of free markets, for example, a perfect market with perfect information and perfect competition. Regulation which does not affect these specific properties can be in place without disqualifying the market as free under supply and demand.
Although free-markets are commonly associated with capitalism today, free markets have been advocated by socialists and have been included in various proposals for market socialism where market allocation of capital is combined with self management in enterprises, and employee-owned cooperatives or publicly-owned enterprises operate in free markets
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