* Remote workers aren't actually a worldwide labor force because of time zones, so the competition on the labor side is less than in theory.
* Remote work diminished the difference in liquidity between labor and capital markets. Capital is by nature more liquid than labor, and being more liquid gives you an advantage. As you say, the competitive pressures exist in both markets, and maybe this is a wash in terms of power.
* Remote workers can pay off mortgages faster, leading to more early retirements.
I still think the primary reason is a desire to manage according to the old style, which is a different argument than the GP.
* Remote workers aren't actually a worldwide labor force because of time zones, so the competition on the labor side is less than in theory.
* Remote work diminished the difference in liquidity between labor and capital markets. Capital is by nature more liquid than labor, and being more liquid gives you an advantage. As you say, the competitive pressures exist in both markets, and maybe this is a wash in terms of power.
* Remote workers can pay off mortgages faster, leading to more early retirements.
I still think the primary reason is a desire to manage according to the old style, which is a different argument than the GP.