Not when it comes to Japan.

During the post-war boom era the majority of its largest businesses were conglomerates with a minimal focus on profit and with interlocking ownership structures that prevented accountability to shareholders.

In addition to that a large amount of corporate investment was state-directed by the Ministry of International Trade and Industry (MITI).

It was an effective system (at least for a time) but not one that can be accurately described as driven by free markets.