Some argue that Index funds democratize investing simply because they offer cheap access to a diversified portolio representing the market. Of course, Blackrock is amongst such proponents.
Then there is the "ban-index-funds" crowd that argue that holding shares of multiple companies in the same industry is illegal (if that industry is a concentrated market, like, e.g. airlines). Vanguard type of companies that have large shareholdings in such index funds, are illegal from antitrust concerns; based on this thinking.
What do you think? Fees continue to go down (Fintech unstoppable trend) and concetration of index funds is increasing (very few firms are the players).