| 单词 | voluntary exchange |
| 释义 | voluntary exchange Exchange between two parties where each is free to refuse to trade. It is argued that under these circumstances both parties will gain, or at least not lose, from the exchange: support for a market economy rests on this point. Critics of the market economy argue that if the parties to an exchange differ greatly in their access to information about alternatives, and their total wealth, the freedom of one party to refuse the terms offered may be illusory. Criticism on these lines has been applied both to relations between employers and unskilled workers, and to trade between advanced and less developed countries. |
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