Sorry to nitpick, I agree with you overall and with the second paragraph for sure. That is exactly how I would describe the whole "free-market" thing and even add in some more, like Rothbard's thoughts on a "free-market for children" to be bought and sold. However, as to the first paragraph, I would have argued a bit different, but this is just me, for opinion discussion. I would say that it has been "tried". In fact, I would say it has been tried more than any other economic model. The thing is, the word itself is an oxymoron. I mean just read it carefully, "free-market". Privatization is only possible through gov't enforcement. Indigenous societies had no concept of owning the land. They may have been tribally territorial but they did not consider the earth to be their property. Besides, feudalism itself in many ways seems to me to be the end state of this economic model. Everything is privatized, even the state and all of the levers and apparatus of gov't. It's a sort of inverse totalitarianism. That's what paleo-conservatives seem to beckon for. A sort of return to the economic model born out of the Atlantic slave trade and privateering and private states like the East India Company which in many ways helped to shape the markets that still exist.