You don't have to pick between leaving your kid completely unsheltered from exploitation by capitalist forces and being Amish.
You yourself have seen that your kid isn't ready to fend off the exploitation by himself. Setting up parental controls on the phone is in exactly the same category as providing him with food and clothing and shelter—you're supposed to do for him what he can't yet do for himself.
You can work on teaching him how to resist exploitation over time, but it's irresponsible to expose him to the worst excesses of capitalism while he's clearly so unprepared.
You yourself have seen that your kid isn't ready to fend off the exploitation by himself. Setting up parental controls on the phone is in exactly the same category as providing him with food and clothing and shelter—you're supposed to do for him what he can't yet do for himself.
You can work on teaching him how to resist exploitation over time, but it's irresponsible to expose him to the worst excesses of capitalism while he's clearly so unprepared.