> In effect, late stage capitalism becomes the anti-thesis of the spirit of capitalism - devoid of competition, free innovation, and upward mobility.
The notion that competition, free innovation, and upward mobility have ever been the spirit of capitalism is not based in any historic evidence. It was evident as far back as Adam Smith's Wealth of Nations that the true spirit of capitalism is the eventual concentration of wealth, formation of mono- and oligopolies and creating barriers to entry through influencing regulatory agencies (government) with wealth.
The 3 notions you stated are mostly an idealistic lie sold to the naive, young, and temporarily impoverished millionaires.
My view may be a tad biased, since I'm only alive as a product of communism (without all the freebies my parents received, as far as education, free housing and benefits, I would likely not exist right now)
The notion that competition, free innovation, and upward mobility have ever been the spirit of capitalism is not based in any historic evidence. It was evident as far back as Adam Smith's Wealth of Nations that the true spirit of capitalism is the eventual concentration of wealth, formation of mono- and oligopolies and creating barriers to entry through influencing regulatory agencies (government) with wealth.
The 3 notions you stated are mostly an idealistic lie sold to the naive, young, and temporarily impoverished millionaires.
My view may be a tad biased, since I'm only alive as a product of communism (without all the freebies my parents received, as far as education, free housing and benefits, I would likely not exist right now)