I think that's some of what's captured by the idea of "late stage capitalism". That is to say, capitalism worked when companies where competing on quality, word

I think that's some of what's captured by the idea of "late stage capitalism". That is to say, capitalism worked when companies where competing on quality, word of mouth was important, and mechanisms like social norms and unions promoted a balance of power between capitalists and workers. However, capitalists have increasingly figured out ways to compete via regulatory capture, walled gardens, planned obsolescence, financialization, etc. Increasingly sophisticated marketing makes it easier to bypass the need for word of mouth sales. The 1% are increasingly insulated from the opinions of everyone else and unions are much weaker. As a result, capitalism no longer works particularly well. At least without policies to correct for market failures; e.g. social democracy.