Listen to a debate on this question at Macquarie University in Sydney:

On Capitalism and the Soul

“Is capitalism moral, immoral, or just plain amoral? Some societies have tried to do away with it. But more often than not it’s all ended badly. Capitalism works. Its capacity to adapt and grow has enabled millions to live with material comfort hitherto only dreamed of.
According to a recent poll, 75 per cent of Australians are delighted with their material lives. It seems that McMansions, plasma TVs and SUVs make us happy. But is it just affluenza at play? Critics say that the economic model has spawned a generation of hyper consumers who have substituted goods and services for real relationships, civic trust, and eco-humility. In short, capitalism is bad for the soul.”

And don’t miss this great essay by Professor Peter Saunders, which appeared in Policy Magazine :

Why Capitalism Is Good For The SoulCapitalism provides the conditions for creating worthwhile lives