Libertarian economic theory and pure capitalism contains major flaws

I would like to begin by thanking my opponent for his time. I would also like to say that I very much so look forward to this debate. I would like to start by defining Libertarian economic theory and Capitalism Capitalism (as defined by Merriam Webster) an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market. For the sake of debate Libertarian economic theory is most closely aligned with Adam Smiths economic theory and revolves around Laissez-Faire economics, which is defined by Merriam Webster as a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights In this debate I will contend in affirmative of the resolution upon the following three contentions. First, pure capitalism and Laissez-Faire allows for the formation of an Oligarchy. Second, like many economic theory, pure capitalism only works if certain ideals are fulfilled by every individual involved. Third, I would contend that logically based on my previous two contentions, Laissez-Faire capitalism will inevitably lead to monopoly and eventually oligarchy. In my first contention I stated that Pure capitalism and Laissez-Faire economic theory allow for the formation of an oligarchy. An oligarchy is a government governed by the few. This forms in pure capitalism due to the lack of trade, trust, and monopoly regulation. Without restrictions against monopolies, eventually certain companies become so large that they hold absolute control over one type of service. Current American anti-trust laws are in effect for this very reason. My second contention holds the core of my argument. The reasons pure capitalism and pure laissez fair trade do not work is actually similar to the reason why pure socialism does not work. People are not perfect. A major philosopher regarding economics and laissez faire trade is the one and only Adam Smith. In Smith's work "The Wealth of Nations" he outlines his ideals regarding a perfect laissez faire economy. One of the core ideals regarding it is the idea that a customer should have perfect knowledge regarding his product so that he can make a perfectly informed decision regarding purchase (1). Again perfection and perfect knowledge are totally out of the grasp of humans. Furthermore humans are more than willing to lie or manipulate through advertising to make more money. Therefore, Pure capitalism and laissez faire economics contains the major flaw of expecting perfection of humans. As my third contention, I would contend that because humans are greedy, pure capitalism and laissez faire economics would inevitably result in a monopoly. Greed is a universal and natural human desire. Some people are more greedy than others. Some people aren't very greedy at all. But I would contend that only one psychopathic businessman with a strong company and no regulations holding him back could set his company on the course to monopoly. After all that's precisely why the board game monopoly was invented (2). Clearly I have shown sufficient evidence to show that pure capitalism has major flaws. I await my opponents response eagerly. 1. http://metalibri.wikidot.com... 2. http://www.washingtoncitypaper.com...