Capitalism is the only economic system that produces any value, in the form of new products and new services and all the employment necessary to produce those products and services.
But you do need some government oversight. Private companies are driven by their financial self-interest, not the public good. A company will sell you arsenic if they can make a profit and think they can get away with it. So that’s where government comes in — a watchdog to make capitalism benign instead of predatory.