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What is a free market economy?

Can monopolies exist in a free market society?  And if so, what do we do about them?

Many people believe monopolies must be broken up by government entities; meanwhile, government entities create monopolies themselves: permits, certificates, licenses, congressional approvals, professional degrees--the list goes on.  All of these artificial barriers to entry prevent people from competing in the free market, usually as a producer--the effect? Consumers pay the cost incurred from decreased competition amongst producers in addition to the cost incurred from producers overcoming governmental barriers to entry.

What if there were a free market for violence?  Would people run around killing each other, or is the use of violence still constrained by the cost-benefit analysis underlying all human behavior?