Capitalism continues to evolve, it promotes equality and quality of life.

Capitalism is intrinsically futuristic. The ideas that underpin market economies – growth, accumulation, investment – express an unspoken assumption, that tomorrow will be different, and probably better, than today. The question that murmurs through markets is not “What is good?” or “What is fair”, but: “What’s new?” This future orientation is one of the most striking hallmarks of modernity. Pre-capitalist societies looked to the past – to founding myths, old religions and ancestral lines. Capitalist societies look to the future – to new inventions, broader horizons and greater abundance. “Oh, the places you’ll go!” is an ur-text of market capitalism. Change is of course a mixed blessing. Opportunity and uncertainty go together. Critics of capitalism sometimes point out that it creates an uncertain future. Economic growth requires change and disruption – Schumpeter’s “creative destruction”, which can impose some immediate social costs. This is true in the details – nobody knows where market dynamics will lead us. Nobody predicted Facebook and Twitter. But it’s false for the overall picture. If the economy grows, as a result of market capitalism, we can predict with confidence that the future will be better than the present. Capitalism has kept this promise quite well over the broad span of history. Compared with earlier periods in history, the material conditions of life have improved dramatically since the birth of capitalism. For the 500 years up to around 1700, economic output per person was flat. In other words, the median person in 1700 was no better off, economically speaking, than the median person in 1200. Work by the team at, led by Max Roser, makes the point visually – and dramatically.