Just as a matter of principle, now that 3 years have passed, could I ask if your laundromat entrepreneur friend did in fact manage to make 10-50 times purchase price by repackaging the collection of privately owned laundromats?
When I first read this essay that struck me more as optimistic bluster than a realistic outcome, but it would be very interesting (and a helpful update!) to know what the outcome actually was.
This feels like a good example of the exact point being made by the essay.
The rise to power of populist politicians and the historic presence of violent revolutions could be a strong counterpoint to your assertion. Yes, sometimes it feels like democracies are the underdog when stacked up against powerful lobbyists, but ultimately there’s a big power imbalance here that the elites are absolutely correct to fear: lobbyists are absolutely dependent on democratic institutions to leverage their wealth into political power, while 50,000 angry people with pitchforks are not. When the mob, or a mob empowered leader, decides to bypass democratic institutions in the exercise of power, this asymmetry matters.
Whether or not the revolting populace actual get what they want out of rebelling (historically this would be unexpected) it’s a difficult case to make that they don’t have some significant advantages in the games elites actually care about.