Overfinancialisation of the economy while removing safeguards to keep markets functional, like anti-trust enforcement, are the main forces behind this erosion. Through finance the focus of companies is completely shifted away from producing good products and services, and into how to extract more paper wealth from existing structures to the detriment of products.
Not enforcing anti-trust and letting behemoths to form which cannot be competed against since with their amount of capital they can either buy their competition outright or just price dump for long enough to make competition non-viable.
It's the failure of neoliberalism, and that agenda has been pushed into Western countries since the 1980s-1990s, it made enormous wealth for the few at the top while eroding whole societies, economically and socially, it's all dysfunctional.