this post was submitted on 23 Aug 2023
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That leads to a beauty of capitalism though. People prioritize profit, yes, but with competition, the way to make a profit is to be appealing to people. You make a profit by providing the best good or service at the best price. This means that the people who have the goal of profits also have the goal of pleasing their customers.
There's a quote from somewhere that goes something like this "capitalism takes the most ambitious, selfish, and capable people and forces them to stay up at night thinking about what everyone else wants".
We have seem over and over again that companies will eventually become greedy and will kill all competition. One example Standard Oil , they will eventually not serve the customers as you mentioned. The customers will have to pay really high prices for lower quality service or product. I am not a lot into socialism because we come back to the same that one entity is controlling everything and we have seem also that the government sucks. So maybe a hybrid approach will be nice to try.
Insulin prices in the US is a great example of this. It's not about being competitive, it's about charging the absolute highest amount they can possibly get away with.
Yes that's a great example! Capitalism is great in paper it improves quality of life and the free market make companies more competitive but big corporations abuse this and create monopolies.