Communal ownership is not free market, hence the tragedy of the commons is not a failure of the free market.
> ability of a large participant to drop prices to eliminate competition then raise prices,
Has never happened successfully.
> inability of market forces to handle extreme tail risk like major natural disasters.
The free market does very well at rushing supplies into disaster areas. At least until the government put a stop to that with anti-gouging laws. So now, disaster victims have to wait around until the government gets its act together, which takes a lot longer.
Communal ownership is not free market, hence the tragedy of the commons is not a failure of the free market.
> ability of a large participant to drop prices to eliminate competition then raise prices,
Has never happened successfully.
> inability of market forces to handle extreme tail risk like major natural disasters.
The free market does very well at rushing supplies into disaster areas. At least until the government put a stop to that with anti-gouging laws. So now, disaster victims have to wait around until the government gets its act together, which takes a lot longer.