this post was submitted on 22 Aug 2023
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The idea is to minimise the power imbalance to prevent individuals from being able to act on their own interests to the detriment of others, while changing incentive structures to minimise the benefit of doing so.
The government can intervene (and has done so historically) to crack up monopolies. By failing to do so in an economic system where economic power is tantamount to political power, we're signing the execution order for democracy. Look at the political influence that the likes of Musk, Bezos, and Gates already hold. It spits on the face of democracy - a concept that I happen to value. This is a problem with a simple set of solutions.
The path we're on only leads to worse lives for all of us - lower wages (they'll only avoid slavery as long as the government stops them - look at Western companies operations in developing countries), less competition, higher prices, less social mobility, the elimination of the concept of meritocracy, escalating tragedy of the commons... We can and should do better.