Is the market society desirable


A market society refers to a society that is based around a market economy, especially one in which political and economic life is dominated by ideas of individual freedom and self-interest. The individuals can express their ideas and feelings and take individual decisions in the society (Lozhachevska et al., 2021). Each person is allowed to decide for themselves on what to do that leads to hanging behaviour of the person which has its effects on the economic and political activities of the country and the people are getting jobs though for their knowledge and creativity. Through this essay, it is possible to understand the concept of market society and identify the characteristics and advantages of market society. This critical discussion further helps to analyse whether the market society is desirable for the recent era of globalisation.


Discussing market society as a desirable factor

The market society is playing an important role to manage the market forces of demand and supply. Competition leads efficacy because the businesses that have fewer cost are more competitive and make more money than others. The entrepreneurs try to develop in depth research for maintaining cost leadership activities in the company and set effective price that represents the product or service in the market society (Frerichs, 2019). As per the argument by Jamshido'g'li et al. (2020), market economy is mainly a tool where the resources are owned by the individuals and controlled individually for fair allocation through the voluntary market transitions, governed by the interaction of the demand and supply. Under market society, the market forces are playing crucial role in managing the market society, where the people exchange resources such as money, products and other services on a voluntary basis in the market.

The market society is hereby advantages for the social policy makers to make fair decision and also helps the individuals to develop good strategic planning to achieve future sustainable with. Individual ideas are valued where in the market society, the person can be involved with the market activities and develop the decision of gaining wealth (Lee et al., 2018). The personal properties are maintained well along with the government properties in the society (Tran, 2019). There is successful cooperation between the private organisations and public firms through public-private partnership, so that the government and the individuals can make fair decision in the society. Hereby, the government and individuals start collaborating with each other and make cooperative decision for the benefits of the overall society. Hence, freedom of choice is there in order to influence the individuals to make individual choice of actions and develop good decision (Lozhachevska et al., 2021). The government involvement is there in the market society, where the government regulates the market transactions with different rules and regulations for maintaining fair treatment for all the individuals in the market society.

The value of resources are determined by money and also the demand and supply side of the products and service determine the market condition and set price of the products for exchanging it with others (Jamshido'g'li et al., 2020). Economic growth and development in a market economy is determined by the relative risks and rewards, where the individuals develop suitable planning for ensuring social development and economic growth by resource utilisation. Market economy is hereby desirable for maintaining private property, where the social communities can manage their properties and make effective decision for living in the society (Tran, 2019). Economic freedom is there in order to act fair and generate revenue of further economic growth and social development. As per the market society, there is strong competition among the companies and this further influences them to develop diverse product range and set effective price for retaining the customers (Lozhachevska et al., 2021). The demand and supply forces are important to set competitive price, in which the customers can purchase the baskets of goods and services (Jamshido'g'li et al., 2020).

The consumer sovereignty can be maintained well as well as competition is there in the market society for gaining high competitive advantage. The motivational corporations and business entrepreneurs try to compete with each other for exploring alternative solution and utilise resources and capabilities for achieving future success. Hence, the market activities are desirable for the individuals to generate profitability and ensure voluntary exchange (Jamshido'g'li et al., 2020). The government involvement is limited in the society, where the government intervene in the market society for maintaining the rules and systematic regulations in exchange economy. Through the demand and supply of the goods and services, it is possible to set price of the goods and services where the customers can make effective purchase decision. Hence, the market society is considered as desirable in order to handle the exchange activities in the society (Lozhachevska et al., 2021). There is equal opportunity of all the individuals across the social communities to make effective decision for the benefits of own and also create values for the societies. The market society is hereby desirable to motivate self-interest and cooperate with the government for developing ethical decision and create jobs in the economy.

A large variety of goods and services are available in the market society, where the customers can choose the bets products as per their needs and preferences. Hereby, the product differentiation strategy is also implemented for exploring innovative ideas to build new product and introduce creative service for the benefits of the individuals across the social communities. The market society is hereby beneficial for the individuals and the companies where the government is also playing an important role (Frerichs, 2019). There is government intervention in the society to regulate the market and control the international trade. For example, the government imposes subsidy, tariff and quota to regulate the transaction of goods and services and also support the companies for running their operations in the market (Moberg and Martikainen, 2018). The individuals and the organisational entity are considered as market player for running their activities and make fair decision for sustainable economic growth. Hereby, the market society is desirable as it is related to fostering innovation, variety, and individual choice, with effective resource allocation and utilising the resource for the productive purpose. Hence, competitive market condition and presence of competitive brands influence the business leader to enhance the proficiency and productivity of the employees through continuous innovation and creativity. Hence, innovation is encouraged in the market society in order to provide the competitive edge and increase the chance wealth generation. The individuals are taking individual decisions for increasing the value of wealth and manage their properties for sustainable economic growth and social development.

The market society is hereby desirable for the individuals to take individual decisions and the growth and developmental activities are also there with effective resource utilisation and enhancing creativity. The employment opportunities and increasing technical innovation further influence the individual to make fair decision to manage the market forces of demand and supply. The product quality and pricing of the products are also managed well, so that the organisation can set effective price for retaining the customers. There is increase in gross domestic product and also enhancing the international trade under the market society. Hence, it is desirable for the individuals to operate in the market sustainably (Kirby, 2020). However, some researchers argue that, free market society is not desirable due to existing disadvantages, such as inequality in the society in terms of accessing private and public services, disparity in wealth management, lack of fair distribution of income, environmental damages and poor working condition, which may lead to worse situation in near future (Jamshido'g'li et al., 2020). Additionally, the researchers argue that, there are crimes in the society and harmful impacts on environment, for which some of the policy makers do not agree with market society practice.

In such context, the government should intervene in the system in order to regulate the market society activities and develop strict rules to protect natural resources, develop private public partnership and manage equality of wealth across the social communities without any biasness in the economy (Himmelreich, 2019). Hence, the market society must be incorporated in the recent globalisation era, in order to ensure economic growth and social development, where the policy makers, social workers, government and private entities can work collaboratively to make fair decision for maximising wealth. The market society is hereby desirable for the individuals across the social communities for utilising the resources, managing personal properties, having freedom to make decision and developing creative ideas to produce innovative products and maintain the market forces successfully.

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It can be concluded that, the market society is beneficial as compared to the capitalist and traditional economy. In the recent era of globalisation, there is communication and cooperation among the individuals, companies and the government of the international countries. In order to develop suitable economy with growth and social development, the market factors demand and supply must be considered so that the individuals can take own activities and compete with others in the market to set effective price of the particular products and services. In the recent years, the market becomes intensely competitive, which further influence the companies to increase productivity, enhance innovation and business creativity to foster growth with diverse range of products and services. The price set, individual property management as well as government intervention make the market society desirable for the individuals, where the person can have the freedom own decision to live well and maximise their standard of living. Hence, the market society is desirable for long run economic growth and social development, where the organisations and the individuals can cooperate with each other of generating wealth and ensure resource utilisation for maximising profitability.

Reference List

Frerichs, S., 2019. Karl Polanyi and the Law of Market Society. Österreichische Zeitschrift für Soziologie, 44(2), pp.197-208.

Himmelreich, J., 2019. Asylum for sale: A market between states that is feasible and desirable. Journal of Applied Philosophy, 36(2), pp.217-232.

Jamshido'g'li, R.D., RakhmonjonZokirjono'g'li, O. and Kholdorovna, R.F., 2020. Changes in market relations in the period of market economy and their classification. South Asian Journal of Marketing & Management Research, 10(4), pp.120-129.

Kirby, P., 2020. Karl Polanyi and the Contemporary Political Crisis: Transforming Market Society in the Era of Climate Change. Bloomsbury Publishing.

Lee, M., Yun, J.J., Pyka, A., Won, D., Kodama, F., Schiuma, G., Park, H., Jeon, J., Park, K., Jung, K. and Yan, M.R., 2018. How to respond to the fourth industrial revolution, or the second information technology revolution? Dynamic new combinations between technology, market, and society through open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 4(3), p.21.

Lozhachevska, O., Navrotska, T., Melnyk, O., Kapinus, L., Zos-Kior, M. and Hnatenko, I., 2021. Management of logistics and marketing behavior of innovation clusters in territorial communities in the context of digitalization of society and the online market. Laplage em Revista, 7(3), pp.315-323.

Moberg, M. and Martikainen, T., 2018. Religious change in market and consumer society: the current state of the field and new ways forward. Religion, 48(3), pp.418-435.

Tran, H.T., 2019. Institutional quality and market selection in the transition to market economy. Journal of business venturing, 34(5), p.105890.

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