Free-enterprise capitalism should be the only kind of capitalism, but manipulation of markets through state power leads to the corruption of markets. New tech, unavailable even ten years ago, levels a slanted playing field:
Yelp and Uber wouldn’t exist if it weren’t for the smartphone, which helps consumers stay informed anytime, anywhere, tipping the balance of business and consumer power in favor of the consumer.
That’s what we call “smartphone capitalism.”
There is another term for this system – “free enterprise capitalism.” It is based on the basic premise that people are free to engage in any activity that betters their lives. And beyond that, free enterprise capitalism pits different businesses one against the other as they strive to address consumer demands.
That means better services and lower prices for everyone, since everyone is a consumer. And that’s especially good for consumers with tight budgets.