The standard narrative of capitalism

Myth
Investors buy small enterprises and use their money to make those enterprises better at competing against their peers at doing what they do. These improved enterprises make more money by virtue of their superior product.


Reality
Investors use their money to buy up all the small enterprises in a particular area in order to monopolize it. Sometimes in order to do this they are forced to invest some money in improving these enterprises or, more typically, manufacturing whatever impressions of improvement are helpful at the moment in the quest to buy out more enterprises - or destroy whatever cannot be bought out. It is never good to improve anything too much, because that money could have been spent on more buyouts and any delay in the monopolization process is an unbearable risk.

Once the monopoly is secure, the investors are free to revert to pure rent-seeking behaviour. Everything falls apart as the entire industry and everything reliant on it is sucked dry and left to rot.

The standard narrative of the decline of civilization

Myth
A civilization becomes decadent as its people become soft and unmanly. The Good Men violently resist but the temptations of degeneration become irresistible and the civilization eventually crumbles.


Reality
A civilization becomes decadent as its increased resources allow their most brutish, stupid and violent men to indulge in their delusions en masse. Eventually a population of such men gains critical mass and bully and murder their way to power; once on top, they set off a spiral of violent suppression, aggressive mismanagement and diplomatic catastrophe. They double down on their methods and philosophies each time something bad happens, trusting in their continued ability to reclaim the state monopoly on violence as proof that they are doing things right.

The civilization is eventually conquered by people who all but accidentally walk all over them, wondering at what had happened to this fabled mighty warrior-race of old.