321
checkmate
(lemmy.ml)
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Yes.
No. Commerce without regulation existed for millennia, as you have correctly addressed here:
The black market is indeed commerce without regulation. That's the unregulated part. But it isn't just that. It is also a hierarchical system with privately accumulating capital at the tops of a steadily diminishing number of pyramids - that's the capitalism part - with no overarching authority to regulate it. In short, unregulated capitalism.