In practice, most politicians mean an economy tilted in favor of multinational corporations when they use these dog whistle terms. It is an offense to everything Adam Smith stood for, but it's what they really mean by "free market." The real Adam Smith believed modern-style multinational corporations were a recipe for corruption.

"The directors of such [joint-stock] companies, however, being the managers rather of other people’s money than of their own, it cannot well be expected, that they should watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their own.... Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company."