Earlier quoted context omitted.
> While the public sector was always inefficient (honestly it was significantly worse than I pictured before starting...far far worse like you could easily eliminate hundreds of jobs without impact worse) private sector is pretty bad in many places as well. I've worked in a public sector department that was run like a business. It was a contact centre that provided information and assistance with various government f…
Graeber's argument in the book is that businesses are actually run like the government, ie are bureaucratic institutions (that pretend to be "markets"). He has an interesting story about how they were modelled on the post office originally, when large businesses arose in the late nineteenth century.
There should be more of a distinction between "efficient" used to mean "gets things done effectively and invents new and clever ways to get things done while saving everyone time and money", and the capitalist meaning of "accumulates profits by screwing everyone except senior management and perhaps the stockholders."
It's perfectly possible for the latter kind of "efficient" company to be very inefficient in the first sense.
In fact if you have a market with a very limited number of established large players, it's pretty much the default.