To me, this is a false dichotomy. Free market principles are applicable to most sectors, and may work very well. There are two sectors I view free market principles as detrimental to the intent of those sectors. Healthcare and education.
The intent of healthcare is to provide the most competent, comprehensive care to the most amount of people as possible. A healthcare system based in profit puts this inherent intent of healthcare at odds with profit as a primary motivating factor. Our healthcare “system” (it’s not really a healthcare system, it’s just a health insurance system) is a giant catch 22. It’s primary motivating factor is making money and patient care is the secondary motivating factor. When push comes to shove, profitability always supersedes what is best for the patient. That is why proper healthcare cannot be steeped in profiteering.
I can’t articulate how incredibly frustrating it is as a healthcare worker to continuously identify simple, inexpensive solutions to patient care problems that get vetoed by MBAs who have never cares for a patient because my solution costs $1.50 more per patient... even if the benefit is well worth the cost.