>What's important is the principle of subjective value--that the buyer and the seller value what they are getting more than what they are giving up--and that can happen without the various criteria of transparency you outline.
No, that's important to a market period. A free market is a specific thing.
You need the other things to move away from the necessity of government regulation (transparency, for example.) If you don't know what's in that apple and nobody is going to make sure it's safe, you can't buy or sell it efficiently.