I think it's okay as long as it's heavily regulated, and the core stuff- health, education, transportation, housing, energy + utilities (including internet) all has a public component creating competition. When people have alternatives, society can progress.

Society becomes worse when any number of these get depleted or captured. You see healthcare diminish in the UK and Canada. You see things like STD rates skyrocket in the US when sex ed is torn out in favor of religion. You see it in the regulatory capture of Canadian cell providers. You see everyone in Texas suffer when private electrical companies dictate prices on power and can't keep their services running in extreme temperatures.

All this pales in comparison to authoritarian counties though. China's completely muzzled internet, insane tracking, concentration camps, authorities welding apartment buildings shut. Russian oil companies lining their pockets while corruption depleted their military and made it a joke (no flare systems on helicopters? Is this WW2?) At least we have the freedom to move countries, move states, and choose where we work and live, and who we get to love.

The Achilles heel of humanity is greed. Doesn't matter what goverment or economy style. Greed will fuck everything up. At the same time, don't lose sight of the positives. Most people get to live normal, healthy lives. We have modern medicine. Generally things are pretty peaceful. Crime is low. The economy is decent. We have ways of communicating instantly and are closer than ever to exploring space.