Hot take: if the Waltons (and their ilk) had not built the walmarts of the world, to maximize profits by externalizing costs (food stamps for employees who are not paid a living wage) and then dodging the taxes that pay for that externalization, then yes. Things would undoubtedly be better.

Pretty sure that if there were a much higher estate tax and other ways to de-incentivize generational wealth inequality that people would still find ways to exploit a semi-capitalist system by arbitraging the interface between public good and private service (c.f., the modern 1099 economy)