I do not believe in such a thing as a free market. The forces allied with the wealthy always acted in the interest of the few. This is quite obvious looking at the history of the world and especially Russia, UK and US. Capitalism and communism are mere words without substance that were used to manipulate the public. For we saw oligarchs emerging from communist countries and we saw public funds used to bail out private companies in capitalist countries.
Having said that, I believe it is possible to enforce a certain level of fairness in any economy and part of it would be to not privatise or to nationalise that which is essential to the public.
For example, the following should never be private:
1. The water system
2. The health system
3. The transport system
4. Policing and the justice system
It is astonishing in this day and age to see labour leaders not representing workers any more.
It is very rare for a wealthy person to give some of his or her wealth to a charitable cause. We even read that either they do not pay taxes or pay it at a much lower rate. In addition, generousity is found amongst the poor. Of course, this is not a call to shun wealth and embrace poverty, but rather it is a call to struggle to be charitable whatever state you are in. For the default in the nature of man is stinginess. In other words, you have to encourage man to be generous and it is a real struggle.
It is written in the Quran:
“Say: if you possessed the treasures of the mercy of my Lord, you would surely hold them back for fear of spending, for man was ever grudging!”