The Thing Capitalism Gets Wrong (KEW Episode 143)
Lately, I’ve been wondering about capitalism and competition. As I have mentioned in other episodes (links below), competition only occurs when resources are limited. Also, capitalism requires competition to protect consumers from monopolies. While I argue in older episodes that this protective feature often doesn’t work, the fact remains that capitalism requires competition. That competition is a requirement of capitalism is critical BECAUSE competition only occurs when resources are limited. When there are plenty of resources, there…