Capitalism provides the businesses/entrepreneurs the freedom to use all their creativity, inventiveness, knowledge, intellect, experience, their ability to solve problems in teams and international networks, to be flexible and resilient in a dynamic context, to advance technology, and many more competencies. And do so as fast as possible.
The free market system thus brings out the best in people. But unfortunately, it can also bring out the worst, like unbridled greed, lust for ever more power….
The crucial thing is, that an economic system is to a very important extent designed by ourselves: we set the frameworks, based on our conceptual thinking, our vision of what the role of governments must be concerning for instance the provision of social security, healthcare, education, infrastructure, etc. Or that this must/can be delegated to “the market”, to the private sector.
The prevailing paradigm, the dominant framework for the past 35+ years has been neo-liberalism, raw capitalism. That ideology has not worked – to put it mildly.