The bigger the fortunes made by extractingrent from uncompetitivemarkets, the greater the resistancetotheintroductionoffiercercompetition and so the weakercompetition itself is likely to be.
Or to put it another way, a good proportion of all that innovation and trading was not serving the wealth-creating instincts of businesses and households, but was (consciously or unconsciously) picking their pockets or extractingrent from them - by selling them stuff that was impossibly complex and whose true risks were hidden.