East Asia confirms the superior capacity of industrial capitalism in raising the material standard of living of large masses of people.
Capitalism has been one of the most dynamic forces in human history, transforming one society after another, and today it has become established as an international system determining the economic fate of most of mankind.
F. A. Hayek is probably the most prominent advocate of capitalism in the present period.
But we don't have an example of a democratic society existing in a socialist economy - which is the only real alternative to capitalism in the modern world.
It has been true in Western societies and it seems to be true elsewhere that you do not find democratic systems apart from capitalism, or apart from a market economy, if you prefer that term
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