In our global economy, capital is highly portable while labor is not, leaving "free market" to be nothing more than a high sounding euphemism for plutocracy. Neither you nor I is free to emigrate to the next hot ticket Third World low wage haven that will attract the capital of those who would otherwise pay us. This is a free market? Not for me, it ain't. I am constrained to selling my labor in one market only no matter what the global demand for my skills might be.
I happen to like many of those allegedly evil regulations that provide the benefits of workplace safety, labor protection (40 hour workweeks, social security, unemployment insurance), and environmental protection. If business is guaranteed the "ability to contract freely with resources", it will maximize its profit by seeking out low wage havens in which none of those regulations exist -- the good folks of Union-Carbide were free to contract with the resources of Bhopal, for example. For a more recent example, observe Nike just doing it to the people of Ho Chi Minh City.
The free market might just be doing its thing, but you'll never convince me that it's in any way right.