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That is pretty much the direction that Republican and especially capitalist-libertarian politics would bring us back to, however.
As capital merges (a natural process of the system of capitalism where only the most profitable businesses can survive), oligopoly situations appear on their own. And then you are back at feudal relations where all the people of a place are dependend on their stronman (whatever corporations still offfer jobs).
That any community could just join the competition as capitalists thenselves is of course just a naive excuse – businesses of established industries have hold of both tremendous amount of capital and technogy, which no startup from the bottom could compete with. That only works under very very rare circumstances, when the founders happen to have access to these things themselves.
The “from the bottom to the top” enterpreneur stories are typically reserved for new industries where not much technology has been established yet. That’s how people like Gates and Jobs could make their fortunes.
For the rest of people, economy remains a relation of dependency.
If you now reduce the collective bargaining power of the dependend workers by reducing the state and giving more freedoms to corporations (which for the most parts equals destruction of worker and consumer rights), you empower corporations and their largest owners to act as quasi-feudal strongmen again. Because the state goes two ways – on the one hand private influence looks to use it for its goals, but on the other hand it is also the last line of defense for the masses from the forces of private capital. There you have things like prohibition of slavery, workers’ rights, minimum wages, weekends and holidays, health care… In a world that is divided into private property, the only refuge from the forces of capital that people have are the commons – areas and things that belong to everyone equally (through the state or community). And these have been destroyed and privatised one after the other in the past. The push to privatise all healthcare and all education is such a move to destroy and privatise commons.
[Chris Hedges gives accounts of US cities where capitalism has reverted to feudalism already](http://www.nationinstitute.org/blog/nationbooks/2822/america%27s_sacrifice_zones) – the people are poor, the rich are in full control. They are the only ones to offer jobs anymore, and take full control of the remaining political system, hated but unchallenged. They rule like mobsters.