Both ideological extremes, left unchecked, concentrate power and lead to authoritarianism. Unfettered capitalism creates a corporate 'king' who controls all resources, while socialism creates a state dictator. Both systems ultimately subvert individual freedom without proper checks.

The central thesis of "The Myth of Capitalism" is that historically high corporate profit margins stem from increased industrial concentration. This concentration, which grants significant pricing power, is a result of a multi-decade policy pendulum swing away from aggressive antitrust enforcement that began in the 1980s.

These terms are not interchangeable. 'Pro-business' policies often protect incumbents through regulation, leading to cronyism and cartels. 'Pro-market' policies foster open competition, which is the best defense against corporate corruption and monopolies.

Sir Ronald Cohen suggests that economic systems like communism fail because they suppress the natural human instinct to strive. The goal should not be to eliminate capitalism's encouragement of striving, but to evolve it by redirecting that powerful drive toward achieving both financial profit and positive societal impact.

In a competitive free market, corporate greed is a positive force. The desire for profit maximization compels companies to offer better products and services at lower prices than their rivals to win customers' money. This "greed" directly translates into improved value and a higher standard of living for consumers.

Many self-proclaimed capitalists embrace the system only when it benefits them. True entrepreneurship involves accepting the risk of being outcompeted without complaint. Crying foul or seeking protection when a bigger competitor emerges reveals a hypocritical stance on free-market principles.

The system often blamed as capitalism is distorted. True capitalism requires the risk of failure as a clearing mechanism. Today's system is closer to cronyism, where government interventions like bailouts and regulatory capture protect established players from failure.

The economic system champions individual responsibility for the middle class but provides government bailouts and shields large corporations and the wealthy from failure. This cronyism prevents creative destruction, calcifies the class structure, and stifles opportunities for new entrants.

A cultural shift toward guaranteeing equal outcomes and shielding everyone from failure erodes economic dynamism. Entrepreneurship, the singular engine of job growth and innovation, fundamentally requires the freedom to take huge risks and accept the possibility of spectacular failure.