Chiomsky uses banks as an example — but the banking industry has huge barriers to entry - he faults banks for having bad customer service. But why should they have good customer service? If they become insolvent, as they have done — they’ll just be bailed out. Chomsky seems to be under the impression that banks are working within a market framework .They don’t care about their customers because they don’t have to.
The same is with higher education, of course. There need be no competitive pricing at all. They spend huge amounts of money on amenities to attract more and more students, but without any money spend on instruction.
