> tradgedy of the commons

That has to do with diffusion of responsibility for communal property. What does that have to do with markets.

> ability of a large participant to drop prices to eliminate competition then raise prices

I think the market has ways to adapt to such behavior. Regulatory capture in a non-free market seems like a much more likely, and more persistent, risk.

> inability of market forces to handle extreme tail risk like major natural disasters.

I just don't think that's supported by the evidence.