I think it is more accurate to say that most western economies are dominated by monopolies, which are themselves controlled by hedge funds and the like. The Hedge funds blindly chase profit with little to no regard what enterprise they are actually investing in. This works so long as the productive enterprises holding up western economies (heavy industries, sectors critical to national security) are profitable from their monopoly status (upheld by patents, subsidies and high barriers of entry). But as soon as western economies start facing external competition, their monopolies loose profits, the hedge funds retract investments in western monopolies, and the whole game starts unraveling.
I think it is more accurate to say that most western economies are dominated by monopolies, which are themselves controlled by hedge funds and the like. The Hedge funds blindly chase profit with little to no regard what enterprise they are actually investing in. This works so long as the productive enterprises holding up western economies (heavy industries, sectors critical to national security) are profitable from their monopoly status (upheld by patents, subsidies and high barriers of entry). But as soon as western economies start facing external competition, their monopolies loose profits, the hedge funds retract investments in western monopolies, and the whole game starts unraveling.