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Hey tech billionaires, if you want to talk about radical change, let’s abolish venture capitalism
(www.theguardian.com)
this post was submitted on 01 Nov 2023
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What we have now is barely capitalism. Back in the day, companies actually competed. Microsoft wouldn't make a good version of Word for Mac, so Apple reverse engineered the format and created their own office suite that interoperated.
If anyone tried something like that now they'd get sued or get bought. In fact, the practice of simply buying potential competitors is fairly common. Facebook buying upstart social media app Instagram is just one example.
If there's no competition, markets can't work. And to have competition you need to let businesses fail. And to let businesses fail you need a robust safety net so people aren't destitute when some idiot like Musk drives a company into the ground.
What do you think other word processors do today? Libreoffice?