Free-markets are a function of the kind of freedom deployed. Our current version of “free-markets” are subjugated to an oligarchic monism of freedom and therefore yield quite the opposite of free markets.
When we do so, we must understand that freedom can only be maintained when it is supported by paradoxical rules to protect collective freedom, for a few bad apples can and will destroy the collective value for the majority of other participants. Those rules can be imposed by the participants of the marketplace itself, the government and most realistically by an equilibrium between both. Such governance is what constitutes a man-made mechanism we refer to as a market. The most dynamic free-markets are those where governance is implemented and continuously re-evaluated by the participants themselves, collectively – in compliance with the applicable laws and thus with as little government interference as possible.
Mind you that does not imply the inverse, that all governed markets are therefore free. The public sector, as well as the private sector, are known not to understand free-markets. Ask every person you meet how they define freedom, and you’ll know what I mean. Simply put, one cannot constructively argue about the implementation and consequences of a free market without a consensus about the definition of freedom to which such a market is subjugated.