Premium: Lessons from English soccer, ultimate example of a truly free market

Among many reasons for the growing success of English soccer's Premier League is its absolute meritocracy. This also reflects benefits derived from a truly free market – one where rewards are directly proportional to performance. To prove the point, capital keeps flowing in.

Two weeks ago, Czech billionaire Daniel Kretinsky (above) paid £160m for 27% of high flying West Ham United, valuing the club at six times what its controlling shareholders paid in 2010. In October, Saudi Arabia's sovereign wealth fund paid £305m for control of bottom club Newcastle United.

An even better reflection of the unfettered system's success is growth in an appreciative global audience. For instance, over the weekend NBC paid $2.7bn for rights to screen Premier League games in the US for the next six years – triple the price it paid in 2015.

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