Currently "the market" is literally just a betting shop for shareholders, which seems an odd way to be making important strategic decisions.
Using FAANG as the example for all jobs is not useful even though this is HN.
I’m not talking about the stock market (which is built on top), I’m talking the actual economy.
Of course, command economies exist (and may again), and those tend to shortcut many of the niceties eh?
Command economies like corporations?
Other command economy examples - gov’t, the USSR, the US during wartime, Russia right now, etc.
Aka when someone in a position of authority says ‘money gets spent here and this way’, regardless of any natural market tendencies (and sometimes with little regard to solvency or pesky things like quality of life).
Obviously the caveat here is that the "market tendencies" aren't defined democractically. It's very much "voting with your dollar" where the voting itself is limited to what options the market provides and the dollar is limited to how much money each market participant has. In that sense monopolization is very much a natural market tendency although most people in favor of "letting the market decide" over government control/intervention would argue that monopolization is bad and actively harmful to a free market.
There are some clear examples like wartime economies, planned economies, ‘chaotic flea market’ like many Chinese markets, US food markets, etc.
That's literally begging the question. There's no intrinsic need for a system to allow for the centralization of wealth to the same extent our present system does, nor for such widespread commodification. It's entirely possible to imagine a system with a different conceptualization of property rights for example -- because we know that property rights have changed over time and were different in different societies. Copyright alone is a great example for how arbitrary property rights are given how drastically it has changed over time.
I’m talking about all economic systems, including the USSR, China, US, European markets, etc.
Fundamentally, for an economy to exist it connects those who produce/have with those who consume/want, mediated by some exchange of value (though in command economies that last part can be remarkably performative).
And fundamentally, if there is no connection to people’s actual needs, and no clearing of old/non-competitive ways to meet those needs there is going to be a very, very bad time. Eventually.
Output and effectiveness towards market needs has to matter or eventually the system collapses under its own weight. Churn has to happen, or ‘deadwood’ builds up through inertia.
And when the system collapses, it’s like a forest fire with a massive amount of dead wood - it burns everything to the ground, not to grow again for a generation. As compared to periodic wildfires that may suck, but for which sprouts pop back up again in the spring.