> So "modern capitalism is not a system that will magically fulfill customer needs in the absence of competition".
But modern capitalism, at least in the American context, is a system being drained of competition. Competitors conspire to destroy it by merging and acquiring each other, and the deregulatory economic zeitgeist that's been in force for 40 years means the government has done little to foster it.
Markets tend towards equilibrium, and bitter competition is a kind of disequilibrium.
But modern capitalism, at least in the American context, is a system being drained of competition. Competitors conspire to destroy it by merging and acquiring each other, and the deregulatory economic zeitgeist that's been in force for 40 years means the government has done little to foster it.
Markets tend towards equilibrium, and bitter competition is a kind of disequilibrium.