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Introduction to Economics Second Semester Essay Is the Consumer Always Sovereign in the Free Enterprise Market Economy? Theoretically, the free enterprise market economy produces a situation in which the law of supply and demand, in conjunction with a competitive economic environment and well-informed consumers guarantees consumer sovereignty. The consumer possesses a significant advantage over suppliers who must compete for their custom, effectively placing economic power in the hands of the consumer. However, problems arise when this theory is applied to the realities of national and international business economics. These disparities will be examined further in this paper. To begin with, it should be noted that at present no truly free market economy exists anywhere except in theory. Western liberal democracies, particularly the US, proclaim, promote and actively enforce the virtue and practice of free market capitalism, whilst stoically clinging to mercantilist principles of protectionism and monopoly control. This corrupted version of the free market...

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