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Does Russia have a "free market" economy?

Question:

Does Russia have a "free market" economy?

Free Market:

A "free-market" economy is one with no involvement (direct or indirect) from the government. In this economy, markets are free to operate as they see best without limitation.

Answer and Explanation:

Russia, just as with almost all other countries in the world, does NOT have a free-market economy. As noted above, an economy is only a free-market one if the government has no involvement. While Russia has removed most price controls that were in place, they still oversee and have limitations on the market. Therefore, the market is not free of government interaction.


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Free Market: Definition, Advantages & Examples

from Intro to Business: Help and Review

Chapter 3 / Lesson 50
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