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Plenty of people lived in the 70's, so we don't need to check any fact to see if they are better off today or not. Just ask yourself if you'd rather be whisked away from the standard of living we enjoy today and trade it for that of the 70's. No more internet, no more fuel injection, no more Amazon... you name it, and basically everything we enjoy doesn't exist.
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I saw a picture of my grandparents (on my mother's side) standing next to their new 1940 Studebaker in Willamina, OR. They seemed genuinely happy, something I don't remember from the 1950s.
Personally, everything peaked in the mid-1990s. I was living in a geodesic dome, working for a major corporation and knew the truest friend I've known in my life. Also Usenet.
As for an alternative to capitalism — a Design Science Revolution. It's advancing well. Roll-to-roll graphene, liquid metal batteries, etc. More interest in open sourcing and replicating best practices would advance things faster.
https://www.ted.com/talks/marcin_jakubowski?language=en