History is driven by theory tempered by pragmatism. The market cannot set its own rules, and standardization helps markets thrive by reducing the risk to the participants. It sounds like you've recently read Ayn Rand, so perhaps you're not ready to hear this, but an unregulated market will quickly fall apart because of rampant fraud. In a way there is a market for markets, and buyers and sellers both generally prefer a regulated market to an unregulated one. Not for ideological reasons, but for practical ones.