I think what you're saying has validity for a lot of particular cases but it's way too broad to say that wages just don't go up anymore, especially when we've seen pretty big real wage increases over the last several years in particular.

I think the fundamentals mechanisms of capitalism still generally function but there are big gaps and holes where it doesn't that need to be patched. Like with the child labor laws that were passed a long time ago. Unfortunately the opposite seems to be happening...