While we're discussing "free market" and "capitalism," allow me to add some perspective.
You can't have a free market unless you have a marketplace. A marketplace runs under a set of rules. Thousands of years ago, maybe everyone would meet at the town square on (say) Saturday morning. There had to be a way to allocate space for each vendor. There had to be a currency, or at least an agreed-upon set of valuations. There had to be some way to resolve disputes.
Today, the rules are more complex. You can't put lead in the children's toys you're selling. Your manufacturing process can't poison my well water or pollute the air. You can't extract a shared resource (like oil) without paying for it somehow.
The point is, "free market" doesn't mean "no rules." It means the same rules apply to everyone. Sellers are free to compete under those rules, or not. That's what drives efficiency and innovation. Lack of rules quickly breeds a kleptocracy.
Be very careful when a politician tries to conflate the two. They're not doing it for you, but for some special interest.
You can't have a free market unless you have a marketplace. A marketplace runs under a set of rules. Thousands of years ago, maybe everyone would meet at the town square on (say) Saturday morning. There had to be a way to allocate space for each vendor. There had to be a currency, or at least an agreed-upon set of valuations. There had to be some way to resolve disputes.
Today, the rules are more complex. You can't put lead in the children's toys you're selling. Your manufacturing process can't poison my well water or pollute the air. You can't extract a shared resource (like oil) without paying for it somehow.
The point is, "free market" doesn't mean "no rules." It means the same rules apply to everyone. Sellers are free to compete under those rules, or not. That's what drives efficiency and innovation. Lack of rules quickly breeds a kleptocracy.
Be very careful when a politician tries to conflate the two. They're not doing it for you, but for some special interest.