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Competition breeds innovation. Capitalism inevitably kills competition. Fortunately, your parents aren't capitalists.
Competition kills competition. To the victor go the spoils. Bigger war chest, bigger army. Etc.
The reason I defend capitalism is not because I like the outcome. I just have good reason to be extremely skeptical of the alternatives (judging by history). Systems that don’t take into account people’s natural competitive instincts are doomed to catastrophe.
For anyone who hates hierarchies and dreams of a flat system (some form of anarchism), I would invite them to read The Tyranny of Structurelessness by feminist Jo Freeman.
Really interesting link, thanks for sharing.
Anarchism does not (necessarily) call for a total lack of organisational structure, first and foremost it calls for the abolition of unjust hierarchies. I think a lot of anarchists would broadly agree with the main points of that article.
If you think there is no viable alternative to captitalism, I'd highly recommend the book "Capitalist Realism" by Mark Fisher, which tackles that very subject :)