The problem here is that “free market” is like freedom. What does it mean? Generally, I view it as an approximation of something, since there is no such thing as a truly free market… thank heaven.
The closest thing to it are the equity markets in the US. But even then, in the age of HFLL trading, there is in imbalance of access as a result of the resources that are required to operate. I cannot think of any other single area of trade economy that can in any reasonable way be described as “free”. Not labor, not commodities, not services…nothing.
So, I am always conscious of this whenever I use the term.
A free market in radium existed in the early days of illuminated watches. A free market in clothing manufacturing existed in the early part of the 20th century. Free for many people means unregulated or minimally regulated.
In the case of Germany and northern European countries, their markets are free, but operate willingly in concert with the governmental objectives of fairness and safety. In the USA, we have very little manufacturing left because our manufacturers are both unable to operate fairly and safely and produce high quality product because there is an ideological component to that excludes oversight and cooperation with the governmental institutions that ensure fairness and safety. The trade-off, in this respect for German/N.European manufacturers, is that “shareholder” value is not paramount, rather general interest of the society’s well-being is more important. It is notable that Germany is the most unionized country on earth, most of all in the manufacturing sector.
The interesting place where the American version of “free markets” and peonization of labor in the US is best observable is the farming sector. Farmland is now on track to be majority-owned by large agra corporations and investment companies. The workers on the farms wages have continuously declined while tracking the upturn in this change of ownership. This is true of many sectors, most of all where unions have ceased to exist.
The question is: does this fit your definition of “free markets”?
