Chang opens by summarizing the belief, common among free-market economists, that the economy functions most efficiently when people are left to act freely, with no restrictions on their behavior. He then points out that no market is completely free, since each one comes with various rules and restrictions. As an example, Chang recounts the history of laws outlawing child labor, which were viewed as controversial governmental overreach in the 19th century but are widely accepted today, even by proponents of free markets. Other restrictions on what can be bought and sold, such as laws against political bribery, have emerged over time.

Comparing regulations to the invisible wires used to suspend martial artists in kung fu movies, Chang argues that judgments about whether a market is free or not are political, not economic, in nature; regulations only appear onerous to those who oppose the political motivations underlying them. As examples, Chang cites the debate over free trade and fair trade between the US and China, as well as the US government’s bailout of failing companies during the 2008 global financial crisis. In the end, no market can objectively be described as purely free.