Difference between free market economy and a social market economy?

[masterxarai]

can you also give a current example of each?

[Anjaree]

Free market economy==USA
Socialist market economy==Canada.
A long line waiting to be hospitalized in Canada.
A long line waiting in front of ATM in the US.

[Pricele$$]

A free market economy is privatization of goods and services. Individuals such as firms and households have a lot of consumer and production sovereignty. The government has little interference in a free market economy. A social market economy has limited consumer and production sovereignty for individuals compared to a free market and is heavily regulated by the government. One example is levying higher taxes on businesses and high income earhealth careovide universal healthcare and education for everyone.