It’s worth noting that private business isn’t even necessary to have competition. For example, USSR had different design bureaus that would compete with each other. When a new technology was developed, each would put out a proposal and the best one would be selected. The advantage of that model however was that everyone shared the learnings from a project. So overall knowledge and expertise would increase. With private competition this doesn’t happen and companies end up relearning lessons from other companies.
yogthos