>Which is also why I have a sneaking suspicion that most economic theory is complete bullshit. All the debates over privatization vs. public services, monopoly vs. competition, autocratic vs. democratic styles of leadership etc. are mostly irrelevant. Both can work. It all boils down to whether you have good human stakeholders who have the integrity and agency to do the right thing.

I don't think this is some gotcha, but basic economic understanding for at least the last hundred years. Fundamentally, much of economic theory acknowledges these questions. This brings you full circle, given inconsistent humans with individual values, how do different systems and rulesets perform.