As a late Baby Boomer, the social contract between corporations and employees had already fallen apart [1] before I joined the workforce. I always knew there would be no such thing as a comfortable life of relaxation with a sufficient pension to support myself. I don't consider this "grab all I can, even if you starve" attitude of corporate leadership to be a market economy [2] (which is what I think of when I say capitalism), but instead it is a regression to the days of feudal mercantilism. In those days as in these, the difference between near-poverty and excessive wealth is the favor of a ruler.

In one town where I lived, the local water company didn't do any maintenance on its pipes for over a decade, despite having the highest prices in the area. Probably two decades. Then the owners sold the company to a large corporation. The new owners promptly announced huge price increases to cover the emergency replacement of most water mains. Municipal ownership isn't always a magical cure, but it certainly couldn't be any worse than what we experienced.

[1] In the part of #SoCal where I lived, the factories and warehouses across the bridge in the next city over all closed. It was around a decade later before most of those buildings found new tenants ... and I had already moved out of the area by then.

[2] Markets requires certain things to work, including potential interventions to prevent one party from gaining "market power" (the ability to unilaterally set terms and prices). Once we consented to form long-lived corporations that are independent of the people who own, run, and work for them, the only possible remedies left are strong unions and strong regulation. Nor do markets necessarily cover everything we need. It is acceptable to have municipal entities providing utilities such as water, sewer, and the last mile of electricity and telecommunications services.