This is a really fascinating idea. One place where it maybe breaks down: you could argue that the innovation and competition in a capitalist economy from the parts that aren’t index funds, both on the company side (in companies that aren’t big enough to be part of the indexes) and on the funding side (from wealthy early-stage VCs looking for outsized returns). But then maybe you could rescue this idea by leaving those parts in place, but saying that above a certain size companies ‘graduate’ into these widely shared index funds?