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People refer to free markets all the time – what are they really talking about?

How does the free market prevent monopolies? Is there some sort of internal mechanism that regulates it self to prevent monopolies?
I feel the “new technologies” argument doesn’t really have a place in this argument. It seems like thats just saying at some point a company will have poor foresight? Can poor foresight be really applied [...]

Example: gas. would it be best in a free market economy where buyers and sellers act in their own best interest?

We had a much more free market before the 1920’s when the great depression happened.
There WAS a huge social divide, but it got bigger. But, do you believe that the unfortunate children of alchohol or drug addict parents would be able to survive in a totally free, unregulated market?
Immegrants that moved here penniless did?
Or, does [...]

Based on your experiences and human behavior where do you believe a true free market economy would take us if we had one even for a short time? Would it last? What would the results be?

How has Russia’s change from a planned economy (a command economy) to a more free market economy improved the Russian economy? To what extent have the changes resulted in more official corruption?

I understand how competition drives down prices.
However, I’ve often wondered how the free market puts a value on everyone’s labor. What happens when someone’s labor is over valued or under valued?
How can there be huge billionaires in the world? Surely, no one person’s work can be worth that much. There has to [...]

Economists: think of this as a thought experiment. What would happen if the entire world became a free market tomorrow? No borders, tariffs, etc…

Depending on who you listen to:
Oil prices are in part due to shadow markets (hedging, derivatives)
What good is a free market if they allow price distortions like this to persist?

What are the benefits of a society with a free market instead of government directed economics? Why are government directed economics inferior?
Thanks so much for your help, and please, be as elaborate as you want