Markets can be seen as regulatory institutions in themselves, though they exhibit many undesirable side effects. The inherent "decentralisation" in Western societies is enabled by markets. Producers meet consumers in a constant feedback loop, production follows demand. Some producers are weeded out, new classes of products and their corresponding market types appear. Consumers can choose what, when and where to buy. What would be political decisions in a centralised society are market mechanisms in a market society.

It goes awry when you add mass media, mass culture and psychology into the mix. They encourage all kinds of irrational group behaviour which skews the markets in unpredictable ways.