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The free market never existed and cannot exist. “Free” for Adam Smith meant free from rents (e.g. by monopolists, landlords, etc), but capitalism tends toward monopoly as bigger players swallow up smaller ones and use anticompetitive tactics to maintain their position.
The free market never existed and cannot exist. “Free” for Adam Smith meant free from rents (e.g. by monopolists, landlords, etc), but capitalism tends toward monopoly as bigger players swallow up smaller ones and use anticompetitive tactics to maintain their position.