I completely agree. This isn’t so much a failure of business; it’s a failure of the government to properly hurt businesses that enact policies that hurt workers and consumers. And in democratic countries with voters, it’s also the failure of the voters.
This is why we need people like Lina Khan to be given much more power in society. There are good, liberal economists out there who understand that if you don’t regulate externalities, then market systems will cause extreme disfunction in society. Smart economists understand this, elite rich people understand it, the problem is that the bottom tier of society that is ignorant and believes in religious myths is easily deceived by the upper classes.
The result is a society with progressively more unequal wealth distribution, rapidly descending into environmental hell, with a public that is mostly confused, religious, and idioticly upset about market conditions, but glad the evil trans girl won’t be able to play softball.
All of these issues are part of the same problem: how do you convince the poor and stupid to not get tricked by the elite again? But perhaps it’s just impossible. After all, the poor are mostly religious and believe in crazy things like virgin births and flat earth… Until the poor reject such lunacy, or society becomes so awful that they are compelled to reject it, there’s really not much hope for change.
This is a great point. Specifically an increase in economic education required of students would be helpful, including helpful for things like understanding environmental science, because externalities and environmental science and regulation have overlap that most don’t understand.