Social performance of free markets: issues, analysis and appraisal

Authors: Bathala C.; Korukonda A.R.

Source: International Journal of Social Economics, Volume 30, Number 8, 2003 , pp. 854-866(13)

Publisher: Emerald Group Publishing Limited

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Abstract:

The centralized, command models emphasized social welfare and equity, whereas in free market conditions, the market participants are primarily governed by the demand and supply factors and their objective of wealth maximization. The tension between these two approaches is most evident in the structure and organization of financial markets. This paper presents an analysis and examination of the feasibility of the commonweal principle in free market environments and offers a preliminary empirical approach to investigate this issue further.

Keywords: Social Welfare; Free Markets

Document Type: Research article

DOI: http://dx.doi.org/10.1108/03068290310483733

Publication date: 2003-07-11