Adam Smith described how free markets can deliver socially beneficial results when individuals and firms compete vigorously with each other.
Since when does ensuring vigorous competition equate to Marxism? Seems pretty capitalist to me.
Since when does ensuring vigorous competition equate to Marxism? Seems pretty capitalist to me.
Markets are vigorously competitive in their natural state. This is the nature of a market, where firms compete for customers' business. This can only be hindered with regulatory interference where a legislator is arbitrarily granting privileges to certain firms and not others. That's crony capitalism or mercantilism. It's not a free market.
The problem with idealized free markets is that "free" is not the natural state of a market. You can act as a de facto government by having a monopoly on something other than force (like land or infrastructure), and de facto government actions have all the same defects as de jure government actions, generally with none of the public accountability.