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Market evolution
Market evolution takes place along with society development. The market formations has 3 periods: 1) XV – the beginning of XIX century – market of free competition creates. Smith said, that state played a part of night guard (that is, state didn’t absolutely interfere in market mechanism). That was a seller market, where the production conception dominated, the essence of which – to produce necessary commodities and satisfy the demand on them. Market should be considered as a complex category that includes the sphere of circulation, where the exchange of goods and services takes place and the system of money-commodity relations, formed in the process of exchange of goods and services at the existing system of production relations. Market is a system of economic relations between people who are involved in the processes of production, allocation, exchange and consumption. In a broader sense market is a set of social institutions within which a great number of specific types of exchanges take place, when these institutions assist these transactions, adding them some structure.
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