Jedthrust.
You are mostly correct. I am not a socialist and I understand we have no replacement for the efficiency of capitalism. It is sucessfull purely because it frees people up to PURSUE THEIR OWN INTEREST. This is human nature as Pavlov and his dog demonstrated.
HOWEVER - Cultural institutions are being eroded, nature is being destroyed, and human beings are in danger of self-destruction if their orgy of consumerism, production, and technological advancement continues unabated.
In America people go hungry. In the Middle East the corrupt sheiks keep their people poor and ignorant while they make billions and America bombs them. In HKG I shudder every time I see a grandma pickin up carton boxes to sell in the street. This city was built by those people and what do they have to show for it? In Africa the world turns a blind eye to unspeakable abuse etc etc etc.
The greatest promise of capitalism is not being fulfilled fast enough. I think a certain amount of environmental conservation/ education/upliftment should be legally required from all sucessfull capitalists. If all big corporates are legally forced to invest a percentage of their billions in bettering this world the promise of capitalism will be a reality so much sooner.
And the rich can still be rich - there's enough to go around.