David, this was well-written and thought out. I agree with your basic analysis, but I want to debate a part of it. You use the term "free market" as an signal for competition, and mostly limited to consumption. This is not wrong, as there are several meanings of the term free market. Most of the time today, when you hear "free market" when discussing today's economy, it means lack of government involvement, true for both consumption and production, and can occur with an economy characterized by a lack of competition. Like, increasingly, the US today.

I find it boring to discuss "free" markets vs. "non-free" markets. I challenge anyone to find a completely free market in reality. Most markets are mixed and have varying degrees of government involvement. What really counts is what level of government involvement, or, alternatively, how much personal freedom, serves the interests of average people? in America and the world. At least, that's what I think counts.