Technology and disruption have also played their parts along with deregulation and globalization.
Arguably deregulation was the biggest culprit.

Companies lost their natural competitive advantage which allowed  sufficient slack to treat employees and customers reasonably and still generate sufficient profits to satisfy shareholders and re-invest in the company.  Of course, consumers paid a little more, but jobs were secure and the standard of living was slowly improving over time.

Having largely lost this advantage they have to seek competitive advantage through any means possible and are in a continual war to maximize  profits to satisfy shareholders.

Proper regulation and reasonable oversight are required by government to force business to act for the common good.  In this day of neo-liberalism this is not a popular option and one that governments, so far, have been unwilling to assume.