A market economy conforms to formal equality of opportunity only if jobs offered by business firms are publicized in advance, so that anyone who might want to apply has a reasonable opportunity to do so. In this setting formal equality of opportunity also requires that applications from anyone are accepted, applications are judged on their merits, and the most qualified according to criteria that are relevant to job performance are offered positions. (A variant practice in which only current employees of a firm are eligible to apply to higher-level jobs might be deemed to satisfy equal opportunity provided entry-level jobs in the firm are open to all applicants.) In addition, equal opportunity in a market setting requires that the lending of money for investment purposes by banks should proceed by accepting applications from any interested party and deciding who should get loans according to the expected profit of lending to one rather than another of the various applicants. Equality of opportunity also requires that the access of economic firms to investment and operating capital by borrowing money through sales of bonds and through sales of shares in the ownership of the enterprise (stocks) should occur through processes that give all firms and economic agents the same opportunities for gain.