See, this was considered the "advantage" of free market capitalism: it doesn't require government intervention.
You just let greed & envy (aren't these biblical deadly sins) guide how much gets produced of what commodities. Longer does the king have to tell the bakeries to bake a certain amount of bread, the bakers bake as much as they can profitability sell.
And this works really well ... as long as there are societal norms that everyone obeys. At first it worked really well because it was compared to corrupt royal/oligarchical/bureaucratic people just ordering businesses to do certain things with no connection to actual need or demand.
But societal norms get thrown out because they stand in the way of profit. Preserving the environment gets thrown out because it stands in the way of profit. Treating workers like living beings gets thrown out because it stands in the way of profit.
