Near as I can tell, an actual free market has never failed.
We've lots of exchanges we pretend are the "free market" but aren't.
It's government meddling that's skewed and perverted the markets that's failed, not the illusory freedom that's getting blamed.
What can you buy that's not subject to government regulation?
Medicine is a commonly cited example that needed government intervention, that led to Obamacare. Medicine has been riddled with government requirements for decades. It's not the doctor or the hospital that failed the patient, they were working despite the from-top-to-bottom government intrusion.
Did you know a hospital cannot buy something like an MRI unless they can prove to the government there's a need for such a device in the community where it will be installed?
Instead of a situation where a hospital can brag "We've got more MRI per capita than cars!" They have to prove that the community needs one where they intend to put it. If the government disagrees about that need, because a nearby hospital in the same community has one (for example), no new MRI.
Does that sound like a market failure? Does that sound like a free market in medicine?
That doesn't even scratch the general malfeasance and collaboration between lawmakers and the insurance industry to slowly, but surely change the patient from being the customer and actual purchaser of the medicines and care.
I'm a purchaser of insurance, not a purchaser of medical care now. It was difficult before Obamacare to pay straight up for care like a real free customer, now it's virtually impossible.
How's about a house? Wanna buy a house? How long does it take for you to buy a house?
Free market? HAH!
How many laws simply represent a barrier to entry for new manufacturers and retailers.
How many laws are in place to prevent a company from shedding unneeded capacity?
How much is lost to compliance to all manner of inane and useless record keeping that has nothing to do with the product being made or sold.
How much is lost to complying with environmental and safety standards which have no bearing on the product at hand. Did you know you have to handle red brick dust exactly the same as you would coal or flour dust? Why? Because of the explosion hazard! Except red brick dust doesn't explode...
When we have a free market to observe, then we can judge if it fails.
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