Earlier quoted context omitted.
When recently the mechanized industries, particularly in metal, entered the housing field with the production of “prefabricated houses”, they were met by the resistance of property holders, especially of the banks, who hold mortgages on about 58 percent of all 1933 value of all urban real estate, and who fear that an influx of cheap modern dwellings would subtract substantially from the market value of existing struc…
> "Markets" in this case eat themselves. Being able to pass local regulations is a perversion of the term "markets". By that logic, the entire world is a free market, even those countries where national governments have been "captured" to suffocate markets like Cuba and North Korea. Either that, or we need to then come up with a term to describe "property rights free of any regulation". One of my links even describes…
Smith's opus is often read as a critique of Communism. That's anachronistic: Das Capital was a critique of Smith, or at least what emerged in his name.
Smith was a critique not only of mercantilism, as is commonly acknowledged, but what we would now call capture and monopoly.