The USA was founded (after being stolen from its natives) by people seeking to escape dead-end economies controlled by the oligarchs of Europe. The founders knew hereditary wealth could not be trusted to behave responsibly, and corporations even less. That lesson has apparently been lost, alas.
True believers in free-market gospel think each person's value ought to be determined by that person's usefulness to those of greater wealth. Democratic socialism regards our value as intrinsic and invests in the prosperity of the community by nurturing and protecting all of its members.
I'm fine with competition, but I think we should compete for luxuries and honors, not for the necessities of life, and not for opportunities to grow and thrive.