The creation of capitalism as a theory (by Smith) was for the purpose of explaining the brand new phenomenon of wealth creation. Ever since, it has been the only working theory. Sidestepping the role of capitalism in forming the wealth of our society is like sidestepping the role of natural selection in evolution. Sure, you can technically say that if it wasn't for the thermodynamics laws, natural selection wouldn't work, but that's missing the point entirely. Our progress has been dependent on innumerable other factors (like some basic scientific discovery), but the mechanism by which they have been turned into utility for the masses is capitalism. Likewise, instead of just stopping at one new utility, it is the mechanism of innovation and further discovery

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growing technologies and a shriking globe as well as growing free trade.
is the product of the market mechanism. Without the cult of entrepreneurship, electricity doesn't get turned into mass distributed light bulbs. Review Friedman's Lesson of the Pencil. Technologically being hypothetically capable of creating a pencil isn't what creates the pencil. Only through the market mechanisms is the whole put together to be greater than the sum of its parts.

We are where we are today because of the theory of supply and demand, private property, and the entrepreneurial spirit