Business owners have always made errors, and external factors can lead to economic crises of various sorts. But the cyclical pattern of booms and busts we now see are a result of government interventions not seen in a free marketplace.
There is a myth that Progressive humanitarians agitated for meat-packing regulations which now protect us from disease. The reality is that the big meat packers themselves wanted regulation to help crush the competition.
The free-market doctrine does not rest on an assumption that consumers make wise choices. Like the mythical “economic man,” the Perfectly Wise Individual is a straw man created by the critics of the theory.
If Keynes was such a model champion of the free society, how can we account for his peculiar comments, in 1933, endorsing, though with reservations, the social "experiments" that were going on at the time in Italy, Germany, and Russia?