Competition for wealth and social status was hardly created by the capitalist system. People have always competed for these things. Thanks to capitalism, though, this competition is now less violent, and true poverty is easier to avoid.
There is reason to believe low-interest rate policy has lowered productivity, lessened economic growth, and favored large firms at the expense of small firms and innovation. Greater inequality and stagnating wealth has resulted.
Progressives like John Kenneth Galbraith no longer heap praise on China, given that it long ago abandoned Mao’s austere communism. Instead, modern progressive economists like Joe Stiglitz save their acclaim for the economies of places like Cuba and Venezuela.