In competitive markets that's how it worked. What we have now are mega corporations who build monopolies by buying out the competition or sending them broke by brute force. Then once the corporation has a stranglehold they are free to cheapen their products and services and/or jack up prices knowing they have no competition. That's why formerly quality brands are constantly becoming poor quality trash.

Inherited wealth leads to spoiled, privileged idiots who have grown up thinking they earned their lives through talent and hard work, when in reality they've just been failing upwards while the family money and connections have been covering their asses.

In late stage capitalism, those idiots have amassed enough wealth and power to make them a genuine threat to all of us. If you can't see that happening already then I have to assume you're one of the many people who are just beyond help.