As a student, lawyer and business person I never doubted capitalism as an engine of growth and prosperity for the whole of society.
In my career I have started and built several companies across the US, Europe and Asia, benefiting from a system that – to borrow Yuval Levin’s words – lets markets set prices, buyers make choices, and producers experiment, innovate, and make what they think they can sell.
In recent years, however, financial failures have shaken the world’s confidence in free markets.
Caoitalism and free markets are not the same thing at all. One is description of a method of ownership of productive assets, the other a description of a method of exchange.
You can have either one without the other as many places have shown over the centuries. Please, do stop conflating the two.
Oh, and as to which is more important? Markets, of course.