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To build a better world, stop chasing economic growth
(www.nature.com)
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this post was submitted on 20 Dec 2023
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Competition doesn't lead to innovation in improving people's lives, but company profits. See: enshittification.
I see that as a consequence of the absurd monopolies we have. The best product should be what's the most popular, and enshittification is counter to that. It tanks the product quality, and in a market with lots of competitors, it would be punished.
It is one of the consequences of monopolies, but monopolies are a consequence of economic competition.
The "winner" gets the losers stuff and customers (mergers for example), making the winner bigger and more able to manipulate the market to their benefit.
When there are few enough companies profits can be chased without consideration for anything else (planned obsolescence, shipping jobs outside the country, lay-offs, etc.)
So, like you said except in a for profit market, monopolies are inevitable.
In the absence of regulation, absolutely. If we had more stringent anti trust legislation though it might be possible to avoid.
The best product should not be what's most popular in Capitalism, what's profitable to produce is what's most profitable. With tons of competition, you just have competing levels of automation, corner cutting, and exploitation.
Competition and markets in general are the cause of enshittification.
That is a good point actually.
Yep, Marx predicted this actually. A huge portion of Marx's literature is even more relevant today than ever before.