“All the definitions of our economic system are developed by the people in power.”
It’s astounding we’re not arguing only incompetence.
Today, only elites have the power to build large scale rule-creating institutions, to access modern networks of dispute resolution and arbitration, and to operate under good commercial law.
We can see what this has done by looking at the informal sector: elites have shaped the rules and institutions to their benefit and marginalized the majority of humanity in the process.