Just think:
What is more competitive than a company where its employees work for free?
Should we be surprised that this is exactly where things are going? Not literally for free, but to its modern equivalent - the minimum people accept before they get to the streets with pitchforks. The modern day version of working for free is working for a salary where you basically don't get much of it except for basic necessities required for said job. Putting kids in debt out of college has been "perfect" for this. The revolting house prices idem. So workers are forced to be in debt for their whole life, and get to enjoy 2 weeks of holidays out of 52 in a year, while the rest spending on surviving. How far is that from working for free, in the modern day, really? What is the alternative, be a social outcast and go live in the woods? Risk it all and be entrepreneur?
Unregulated capitalism is working as intended. And that's exactly the problem.