Free simply means unregulated (or limited in regulation and government intervention).
"Fair" is a whole different story.... if the producers band together and form cartels to dictate prices, is that fair?
What if a select group of buyers could buy all the stock, excluding the masses from access.
What about companies refusing to sell to certain people? Fair?
At the end of the day, markets (and society) benefit from balance.
Well, that brings up an interesting nuance in definitions, there. "Free" is often taken to mean free of government intervention. But clearly, in most cases, it doesn't mean free of ANY intervention and regulation... so no market is "free" in the sense that it exists completely unencumbered... basically as a giant free-for-all with no rules whatsoever. Which — to me — means that "free" market aren't even a thing.
So we get back to what you are getting at here (I think), namely that we need some sort of balance. Humans are too selfish, greedy and manipulative to work without some form of ground rules system. Without that, it would all just become a giant open brawl and "whoever has the biggest bazooka wins."