Because I am a too busy at the moment to produce nuanced, convincing arguments, what follows is more or less naked ideology. That said, it should still be an interesting addition to this discussion (specifically as a counterpoint to those here who identify as part of the statist left).
I identify as a left libertarian (also as an anarchist, libertarian socialist, and most specifically: mutualist) and I find the TC's premise of a "free society" to be flawed. You make the classic mistake of framing the discussion on assumptions of how society works: namely, that the government protects the interests of the people by keeping the rich and powerful in check. As a result of this premise you draw the conclusion that an anarcho-capitalist type of free society would be extremely detrimental to the well being of people in general.
I come from a different base assumption: the state protects corporations and elite interest through monopoly power and control over the legislature. To paraphrase Adam Smith, wherever the legislature is asked to moderate the relationship between workers and owners, the legislature always has as its advisors the owners. Take away monopoly power and I believe that the equilibrium nature of the free market will significantly and forcefully decrease firm size, due to inherent economic efficiencies of smaller, locally based producers and service providers. Getting even more specific, I believe that the most efficient firm would be organized in a cooperative model, and be relatively small in size.
I follow Benjamin Tucker and Pierre-Joseph Proudhon in their blueprints for a free society based on voluntary association, mutual aid, and equality of opportunity. Perhaps the best way to understand the free society that I am talking about is captured in the market anarchist term, first coined by Tuckerite Francis Tandy:
Voluntary Socialism.
So no, I don't agree with the argument that a free society necessarily will result in a wild west scenario of robber barons and private armies oppressing people.
Something that people tend to overlook is that big business is hardly a champion of free markets.
Exactly. Well said, Cythraul. I think perhaps that you and I are closer ideologically than I initially realized.