What matters above all else is something central to the operation of capitalism today. As profits become harder to find through the textbook route of investment and the creation of new markets (whether for goods or services), capitalism in general is turning towards various forms of rent-seeking. It’s significantly easier to enforce property rights on what has been created elsewhere, and demand tribute for access, than it is go through the costly and risky business of creating new value yourself.
James Meadway on value extraction.
From an article specifically about platform technologies (e.g. Amazon, Facebook, Apple) and the Future of Capitalism™.