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i literally see /no/ role for capital markets of basically any kind, and i think that capital would be distributed very equally and thinly and easy to access, such that if we wanted to call free markets anything we would better off saying "labourism" and not "capitalism" ( -- how about neither!). reasons why:

- part of this is that i share the Ricardian view, which is quite self-evident when explained in the right way, that if free competition obtains then overtime surplus profit is eliminated and prices gravitate toward the cost of production assuming that supply is elastic.

* (it falls to the cost of production as far as the point where a person still thinks the price that they can command for a good or  service compensates them for the disutility of bringing it to the market in the first place).

* (notice that the law of cost or the labour theory of value doesn't mean anything more than this: assuming free competition and that supply is elastic, exchange value is reducible to total subjective effort involved plus scarcity rents  -- like short-term profit from superiority of some new technology before the competition copies or modulates your ideas, the kind of intellectual property completely prevents).

- not only do i imagine an aristan-based economy where most wealth is constituted in comfortable subsistence on labour product, (also more good are exchanged informally through social collectivities and household barter much more often, it's just lower transaction costs and faster), capital moves only through people pooling together their earned income -- (insert here stuff i've already talked about on why capital-intensive production only exists because of various artificial economies of scale) -- currently that would mean craftsman using low-overhead machine tools to most efficiently satisfy local pull of demand, -- i also recognize that state restrictions to competition in the supply of credit (e.g. state and federal bank charters, licensing barriers, capital minimum requirements, yada yada.) and the privileges afforded to banks to print legal tender, together with the political concentration of land i've mentioned thousands of times, enable most of the forms of mass accumulation and unequal concentration of capital that we see today.