I often ask myself, what is a “free market” I feel like the usage of this term largely varies amongst those that use it.

Is a market which is mostly dominated by a cartel “free”? Is there a free market in oil when producers alter the supply dynamics purposefully for political and economic gain?

Or is “free market” just a term broadly used for “free of intervention by governments”?

And when cartels and governments are essentially engaging in the same types of behavior, what’s the difference?

These questions are rhetorical. But it’s important to remember that big fish eat little fish, big boats make the biggest waves. Even a “free market” is disproportionately influenced by the biggest players, such that the free-ness of it can easily be questioned. Such is the nature of capital.