Earlier quoted context omitted.
> no private certification of stables that lent horses to ensure animals were fit and free of issues of temperament that might cause them to throw a rider. Probably because the culture of the time was that everyone knew horses were dangerous and if you borrowed a horse and it threw you, it was your fault, not the lender's.
Really? Because at the time "everyone knew" sea-bound shipping was dangerous and if you were directly tied to that industry the "culture of the time" was very much bound up in insurance markets that protected against loss. There, the free market did provide a solution, but not for my original example. Because a free market does not solve all problems, even those that might theoretically be solved by a free market.
> Because a free market does not solve all problems, even those that might theoretically be solved by a free market.
If it's a solvable problem, it can be solved with the free market. If a solution is possible that is merely not implemented, that means the market decided it wasn't of sufficient utility.