> The real problem with modern companies is diffuse ownership.
And inheritance taxes and the hate directed at billionaires [1] make any other kind of ownership a rare exception. So every company is headed not by a person with a goal and a conscience, but an amoral board that can agree on only one thing - make more money.
[1] Not specific bad things specific billionaires have done, but their existence in general.
The hate against billionaires wasn't nearly as staunch even a decade ago, let alone two or three. This has nothing to do with the reason why things ended up this way.
The billionaires thing really has the causation reversed. What made people into billionaires? They were the early shareholders of companies that became megacorps. So what caused those companies to become megacorps, instead of developing into competitive markets?