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The problems with a pure free market economy are exploitation and loss through corruption. It is an inherently inefficient system, though on paper it is sold as entirely efficient. Add human elements and that goes to shit.
I don't think there is such thing as a working free market economy in a pure form. I think it would be an inhuman nightmare.
This is where governance comes in. This is where a balanced system of government encourages the implementation of practices demanded by the people, most of whom are made up by the workers who are the engine that generate the wealth to begin with.
Without being tempered with social programs for the benefit of the people, a free market economy isn't just impossible, it is an abomination.
To put this in context, the US free market economy has much wrong with it. Union-busting, wage erosion, and predatory credit practices are serious problems that have ramifications that hurt the system as a whole. It's only a matter of time before it goes beyond repair. How far will it go?
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
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