this post was submitted on 07 Jun 2024
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The theory works beautifully... For the first 30 years of capitalism. After a few decades, the more profitable and most competitive companies grow so much through consolidation of the market, that due to sheer economy of scale it becomes impossible to compete with them if you're not an equally well-established company in the same sector. Oligopolies and monopolies form, and it gets to a point where you can't outcompete them because the capital investment to be competitive would be so bonkers, and the presence of the two companies creating the same product at such humongous scales would saturate the market so much, that it makes absolutely no sense to try and outcompete them. And even if competition started to really appear, the bigger company buys it and competition is undone again.
You guys live in a parallel world, your axioms of "free market" simply don't hold up to the slightest scrutiny.