But in a Free market, conflicts would be resolved pretty fast. It would definitely not take 15 years to revoke the license of a company if they did something bad. The customers would just simply boycott them and they would go bankrupt instantly.
Obviously not true, because a company wouldn't tell the public if it did something wrong that could cause them bankruptcy, and some frauds are very hard to detect, such as the one below:
"When Volkswagen revealed in September that it had installed software on millions of cars in order to trick the Environmental Protection Agencys emissions testers into thinking that the cars were more environmentally friendly than they were, investors understandably deserted the company.", from fortune.com.
Companies need to be more transparent. I agree with that.
But that doesn't mean that my point above is invalid, the market can still force the companies to be transparent, if there is demand for it.