Massive wealth consolidation leads to huge piles of capital that are itching to invest in ventures, which leads to entrepreneurs sprouting up to pitch ideas for a piece of the pie. To get the most enthusiastic investments, they don't bother building a productive company but instead pitch dazzling tech startups that operate at a massive loss in order to disrupt and grow to critical user mass, in order to replace a legacy market with a proprietary platform and thus enable indefinite rent-seeking for growth-obsessed investors. The "flywheel" tech companies aren't the point, getting hands on venture capital is the point.
That sounds like good old normal capitalism as I understand it.
That sounds like good old normal capitalism as I understand it.
Edit: fixed run-on sentence