This is an idealist understanding of what capitalism ought to be, not what it is. This different view is the reason for the contention between us. Most leftists will see capitalism for what it is, not the pipe dream sold to the masses to justify the exploitation of them.
In marxist terms, the lack of oversight and competition is an inherent trait, a contradiction, within capitalism. The solutions anyone can present are faulty remedies that do not solve the underlying issue at play, which is the property relations with regard to labour.