The big problem is the "Markets" section. The author assumes that free markets just happen. But what we see today are monopolies or oligopolies. The end state seems to be 1-3 big players who tend not to compete on price. Price competition doesn't seem to happen until there are 4 or more roughly comparable players. Margins get much better as competition disappears, which produces a huge pressure towards consolidation.
Why this is is another discussion, but it's very clearly the case in the US.
Why this is is another discussion, but it's very clearly the case in the US.