Capitalism and Concentration of Power

A couple points, Dan:

1)      Labor is as fundamental to the workings of capitalism as is entrepreneurship members of the labor force are no more ‘spectators’ than are entrepreneurs, or the bankers who back them.  As economies of scale progress—and the fundamental forces of market competition drive out smaller, less-efficient competitors—there is a natural concentration of power.  Ironically, once the market is highly concentrated, the competitive mechanisms that drive capitalism’s most positive attributes wither.  In other words, unregulated capitalism contains the seeds of its own demise. 
Regulation may act to counter this destructive concentration, but often it is only applies after the power and wealth are so concentrated that the regulators are coopted, and thus ineffective. 

2)      A major intend of the education (what used to be called ‘normal’ schools) was always to provide trained ‘obedient’ workers – what are often called productive contributors to society. 

Thus ends my standard counterpoint to your Schmieding rant.  You’re welcome!