Free markets do not fall prey to these robber barons. Such people need political protection. Subsidies and regulatory capture are necessary to such schemes.

Why do you imagine a monopolist referee (government) is immune the waste and abuse inherent in all other monopolies?

The larger the bureaucracy, the slower it is to react to change. Unless propped up by government, these megacorporations are unsusrainable in the free market.

Regulations are always sold as protections for the poor and disadvantaged, but implemented to benefit the political class. The real-world effect is more expenses and red tape for entrepreneurs, startups, and home businesses.

The powerful do need laws to survive. That is why they lobby government so aggressively. And we cannot change this rigged game.