Competition creates innovation. Without the Soviet Union and US having a cold war, man would not be in space or have reached the moon. Competition lowers prices. Without Ryan Air, British Airways would have been a bloated carrier charging high prices and not bringing air travel to all. Competition improves customer service by giving customers choice. As an economic theory, the free market is the perfect market. A free market economy has been proven to increase the living standard of all.
But this must reconcile to a socialist value system and a left-centrist philosophy. So a light touch of regulation, primarily to protect the most needy is required. Unbridled capitalism must not benefit only the privileged few. Turmoil would result. Visible excess when all do not benefit will result in the loss of social cohesion. The trick is to get the balance between creating adequate rewards for human endeavor but not allow that free market activity to descend to exploitation. There must be a fine balance between capital (free-market) and labor (socialism), and history has shown that when one or the other get the upper hand, it is never too good for all.
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