The author structures this using the theory of cybernetics, approximately that there are a series of systems that regulate each other at higher and higher levels, using feedback that reduces complex information into simpler signals. When too much signal is lost or the regulating system is too simple to manage a more complex system, the system goes awry. Capitalism and markets are effective simplifiers in that everything has a price, a fungible easily compared signal. This has many downsides
He argues quite convincingly that one of the types of systems that regulate business, System 3, or "what to do here-and-now" is running amok with little input from System 4, "what to do in the future," which is pretty hard to argue with. The current financial system, shaped by private equity and leveraged buyouts, forces most companies to behave as if they must make a huge debt payment this month or else face extinction. Which matches exactly what we see: Google devouring search for AI, etc.