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Actually that's one of the big things people misunderstand about capitalism - it doesn't have to be competitive. Capitalism can, and does and wants to thrive in
by conception 8y ago
Actually that's one of the big things people misunderstand about capitalism - it doesn't have to be competitive. Capitalism can, and does and wants to thrive in a monopoly. Capitalism and free markets are two different things and the latter is far more important though they are often conflated.
- groestl 8y agoAt least the Wikipedia article names competitive markets as central aspect of capitalism. I agree with your sentiment though. Companies are basically little bubbles of monopoly in a sea of free markets. But the optimal state for a company (and the owning capitalist) is no competition at all.
- jakemoshenko 8y agoI think that's a really efficient way to find a local maxima. In my opinion, companies need competition to drive continued innovation.
- diab0lic 8y agoMost companies aren't otimizing for innovations, they're optimizing for profits. If they desire innovation it's primary purpose is profit.