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You can literally just strike the words “state funded” from your sentence. If you don’t think companies function exactly this way, I’m not sure what to tell you.

And in a world where every competitor in a given market is owned by one of two or three megaconglomerates, “voting with your feet” stopped mattering long ago.

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For one thing, very few markets are like that, and even then they face the threat of new entrants if they suck. e.g. the cab companies that got blown out by Uber. You are right that they fundamentally operate the same way as state funded entities, but having a revenue stream that is completely divorced from providing economic value allows the institution to keep its doors open at levels of rot 10x that which it takes to kill a megacorp.

Uber had to break a lot of laws and grease a lot of palms to do what they did and they still lose mountains of investor money every quarter (almost every? When they aren't liquidating regional divisions and calling those wins).

I don't think we want a system together where the way to make it work is to cheat and increase corruption. Maybe there are better examples of good ol' fashioned honest companies just plan ol' out competing entrenched incumbents without cheating or lying or hurting the public.

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