Oh no! Surely under capitalism the competition from other producers would ensure that such a thing could never happen. Surely this is a freak event /s

Many commenters have pointed it out, but it's such an important point that it needs to be repeated every time. Capitalism without effective regulation has never worked out in all of human history. In the absence of an entity with a big enough stick (aka the government), overt or covert methods of collusion always emerge which leads to a race to the bottom.

Sadly for the Americans, approximately a third are so far down the path of 'govt bad' indoctrination that they need to relearn the lesson every couple of generations. Unfortunately for the rest of us, that third holds outsized political power due to the voting system.