But back in 1832 he said "Of all human powers operating on the affairs of mankind, none is greater
than that of competition".

His assessment has never been truer than today.
 
Karl Marx's slogan "From each according to his ability, to each according to his need" has a nice ring but contained within it the seeds of Communism's own destruction.

In practice the abilities of citizens living under the ideologies' shadow were not allowed to develop their abilities to the full nor could their needs be met satisfactorily.

This is not to say everything is a bed of roses today.

There are shades of Darwinism in unbridled competition - survival of the fittest and all that - which is why we need rules to fight monopoly power from any quarter.