 In rejecting strong sufficiency, Mill claims that actions that cause losses in a fair competition should not be regulated (V 3–4). This case would fall within his “free-trade” exception, which limits the scope of the liberty principle (V 4). Unfortunately, Mill is not entirely clear about the basis for the free-trade exception. After all, losses, even in a fair competition, can be harmful. If I have a successful business selling widgets and then you move into the area selling widgets at a big discount and drive me out of business, forcing me into bankruptcy, I suffer a significant loss, making me worse off than I would otherwise have been.