I would phrase it a little differently: capitalism cancels vanity.

Up until the 16th-18th centuries (in Europe), the best way to get rich was to use force to loot/steal from others. Capitalism was the result of a set of institutions which allowed for more widespread trade, and profit from innovation.[1] These institutions took money from the rich who used their wealth for vanity projects (the passions this author desires), and gave it to the innovative problem solvers and inventors.

[1] https://www.goodreads.com/book/show/7863046-the-most-powerfu...