It is kind of amazing that capitalism even needs to be defended given the enormous amount of prosperity it has brought to the world. While I won't say the U.S. is an example of free market, in particular like the rest of the world it has a Marxist banking system that repeatedly fails, but it has brought enormous amount of prosperity to even poor people. Look even most poor people live in a house an apartment that has indoor plumbing, electricity, AC, a color television, a DVD player, a phone, a computer with Internet, and many poor people own cars. If you own all of those things that puts you in the top 10% of the rest of the world. The average person in China can't even afford a color television much less a car.
The biggest problem with capitalism is it turns people into spoiled brats who can't even comprehend what a rough life or poverty is.
It's true that capitalism has been the most productive system to date. However, there are also some problems with it, which I would summarise as follows:
- it can't avoid major economic crisis, eg. the last Great Depression and the next one, soon
- it has deformed or crippled the nature of work, especially the way factories operate
- the wealth disparity b/w rich and poor continues to increase
- it promotes the unsustainable dream that you can create more money from money