Technological advancement is a one-way trend: it began with the creation and use of rudimentary tools and will end God only knows when and where. Once you start this machine, it only goes in one direction, no reverse, until it hits a wall. The machine is armored and capable of pulverizing many walls but not all of them. And the paradox is that some insufferable obstacles will be created by the machine itself.
Do you want some examples? Well you are spoiled for choice: climate change, bioterrorism, unfriendly AGI, you choose. These are without a doubt the best candidates for the role of immovable objects that can stop the unstoppable force of progress, and they are generated by that same force.
Now I believe we can all agree that progress is (almost) always a positive thing and that we want this trend to continue because, whatever one might say, we have the honor of living at the height of possibilities; we have a privileged position on all of human history and the view is not that bad, it has certainly been worse.
Since we experience the effects of technological advancement on our own skin (and even below if we are talking hi-tech medicine/pharmacology) it is in our interest to do everything possible to keep it going for centuries to come.
To continue fueling the momentum we must remain focused on the risks that would lead to its partial or total collapse, risks such as those mentioned above.
Data and experience show that capitalism has done more good than harm to humanity, even if we now live in its own corrupt parody. Adam Smith would not be satisfied at all these days.
Liberalism, or self-regulating market or capitalism (or whatever you want to call the economic paradigm in which we all participate) also has some major weaknesses, the first of which we are looking at with our own eyes during this pandemic: capitalism must never rest. Never, not even for a minute. If the gears become encrusted and the car slows down, the whole house of cards collapses.
The second imperfection is that the system believes it operates in an infinite resource context, which is clearly not the case.
In reality there are several disputes on this point, some say that this is not the case as the system masterfully adapts to scarcity but it is enough to observe the negative impacts (many already irreversible) to which we have subjected the ecosystem to understand that it is plain wrong; or at least that capitalism gives more value to assets that are not directly linked to our biological survival rather than to oceans and forests. What kind of scarcity the system adapts to is unclear.
Over time, however, I have developed a predominantly positive vision towards capitalism because I believe that it is its greatest enemy and that the end of the system will be produced by the system itself. In time the production costs will drop more and more, we would be more and more connected and this will lead to a considerable increase in open source technologies, free competition will lead to increasingly impacting technological advances (also remember that technology seems to feed on itself and strive for exponential growth).
Eventually, if we can reach escape velocity, we will be kicked out of the current status quo and thrown into a better world, which will be either post scarcity (if we succeed in interstellar expansion) or scarcity-friendly, in the sense that it will have well clear how to exploit resources.
To conclude, I believe that the current system is the best escape we have from the system itself, however the escape can be semi-utopian or super-dystopian. What we can do is start right now to make adjustments wherever necessary, wherever science and logic tell us that immediate preventive action is needed.