Open economy/ Closed economy

I would like to emphasize that in just societies, group rationality prevaila where group rationality is guided by 'public policy'. The meaning of group rationality is whwt the collective objective of citizen is and the meaning of public policy is what a rational and sane individual will do qt any given instance of circumstance that arise in his daily life.

Keeping this as backdrop, in a transaction in a just society the citizen if rational would like the product he buys to be fit enough for the standard purpose for which it is meant, hazard free and durable available free to choose and at price that will fit in the purchasing power facilitated by the government,

Class based societies are unjust societies and democratic socities are just.

Padmanabhan, your question is very relevent to "just' societies which is what American founding fathers decided for it's citizen. In a just society whatever they do is supposed to be just and fair. So in such societies a transaction in goods and services it should be fit enough for the standard purpose for which it is meant meaning it should function properly and it should be durable enought. The government ensures this buy making companies compete for providing these goods and services and the best provider get the resources by way of consumers assessing the worth of the product and buying the right products. The wrong providers get preempted. In economics we call it designing of the right "redistribution" where the wealth of the nation is allocated to the most efficient and well deserving and well initiated. So competition between manufacturers and vendors ensures this in just societies. There the transactions are called "democratic transactions". In India we have"class based transactions" where government fixes the standard of living anything outside their fixed standard they gather luxury tax or other taxes. Abroad they provide welfare as standard facilitation to citizen here we have to pay luxury prices and taxes and buy which leads to corruption in the environment.

Price fixing is when a manufacturer charges differential prices for the same product to two vendors like higher price to a Mom and Pop store and lower priceto a grocery store with larger clout.

In India resources are allocated through any science so it get allocated inefficiently to the embiciles, thugs and the vulgur. By ensuring competiton in developed world like US the redistribution is made efficient.

Can someone help me with,” I  know US is an open economy , but how to read it together with US -  strong provisions for maintaining competition, for avoiding price fixing etc”
Please

Our economy should be open. It will bring new opportunities in the country...