After pondering this question from time to time over a few decades now, I will say I still really don't know. Sure, it makes intuitive sense that wealth can be used to create setups that capture more wealth. But most examples we see of this (especially the galling zero-sum ones) are regulatory capture and regulatory escape, where wealth is used to affect government action/policy to further concentrate wealth. The most glaring of these, that facilitates many others, is the fountain of newly-created USD that the politically connected get the first cut of. That value doesn't come from nowhere - it's the central collection of technological and economic progress that would otherwise show up as distributed price deflation.
On the other hand, we have the diminishing marginal utility of money - rich people overspend all the time, often on frivolous stuff. Musk bought an entire publicly traded company and crashed it on the way home, the way an upper middle class person might a shiny red Dodge Viper. One might say the VC ecosystem is chiefly 'dumb' money sloshing around trying to not be left out of the next big thing, while having no clue what that might be.
Talking about "completely unregulated" markets is also somewhat specious. In a completely ancap context, we'd likely get structures similar to governments, funded by wealthy people cooperating rather than continuing to compete in less-productive ways (say through physical force). In fact some might even say that this is the character of the current US government in a few different regards.
On the other hand, we have the diminishing marginal utility of money - rich people overspend all the time, often on frivolous stuff. Musk bought an entire publicly traded company and crashed it on the way home, the way an upper middle class person might a shiny red Dodge Viper. One might say the VC ecosystem is chiefly 'dumb' money sloshing around trying to not be left out of the next big thing, while having no clue what that might be.
Talking about "completely unregulated" markets is also somewhat specious. In a completely ancap context, we'd likely get structures similar to governments, funded by wealthy people cooperating rather than continuing to compete in less-productive ways (say through physical force). In fact some might even say that this is the character of the current US government in a few different regards.