It sounds good in theory. It simply does not work. The free market is an ideal. It does not exist in high places where big deals are made. There always have been and will be people who have an advantage in commerce because they know the right people.
In a capitalist nation, the government is bound to collude with rich people to control and manipulate the proletariat. It is only about time a small group of capitalists would end up owning all means of production. Doesn't it look like where communism leads to? All means of production are transferred to the state. Then, there emerge a few people who all-out take over all means of production. Both systems end up at the same place.
Thus, the problem is neither capitalism nor communism. It is human nature. Some people are insecure and selfish. To compensate for their insecurities, they seek to acquire more resources, which doesn't and can't satisfy them. The proletariat falls for their manipulation when they are morally and spiritually undeveloped.
They are controlled with scarcity because they always look at rich people. I have seen people who have houses and cars but think they are poor. They lack gratitude. So long they lack gratitude, they would be living in scarcity, which means they can be controlled with money.
Today, capital owners are making them work for shit pay because they abandoned their farming roots and moved to cities to get the bag. When they earn, they don't see the need to purchase rural lands so they can free themselves. Somehow, they have become fine with serfdom.
Some are controlled with religion because they worship religious leaders and idols. In the US, the right-wing is controlled by churches. The left-wing is controlled by the religion of social justice. There is widespread idolatry everywhere.
In all societal paradigms, a ruling class emerges because it knows how to manipulate better. It knows the weaknesses of the ruled: money, idolatry, women, etc. Thus, everything seems to come back to basic moral principles. People who lack morality are destined to be ruled over by a few that exploit their moral weaknesses.
On the contrary, the free market naturally emerges when people are moral. They don't agree to taxation, bureaucracy, and leverage. They don't participate in stock market gambling. They don't accept free stuff from governments because they have not earned it. They don't work for governments. Moral and spiritual growth keep people free. Lack of the same allows few people to emerge as the ruling class and manipulate the rest into serfdom regardless of the system they are under. This is why we see morality getting attacked in education, the media, and entertainment. The more immoral the proletariat, the more easily they can be controlled.
Interested readers are encouraged to read the following blogposts -