this post was submitted on 04 Nov 2024
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You're talking about free and open competition in a perfect competition marketplace. This is an ideal (similarly far-fetched as communism/socialism*) where there are low barriers to entry, and consumers have good information to make well informed choices. In this world competition bid's down excess profits in the long run - essentially to consumers benefit. not the benefit of producers. wages are low but it doesnt so much matter becauases competition keeps prices low.
Capitalism wants to increase the return to capital , so it works against competition to create market power (by many means including legal system power and regulatory capture as well tacit or explicit corruption) both over consumers and over their own supply chain (e.g. employees). It inherits its legacy from rentierism and landowners who also like to monopolize land, ration it and have tenants bid up rents.
'objective sources', on economics? Good luck. economists are so bi-assed that most of them can spew shit out of two holes simultaneously.