Capitalism, well-regulated, has worked - it's not some dangerous idea that will result in our self-destruction (at least, there is no historical basis for this.) On the other hand, history shows we are much more likely to see communism self-destruct (into authoritarianism/totalitarianism.)

I agree that the generational wealth aspect is the worst aspect of capitalism and I wish that could be reformed.

A note - technology does not progress exponentially. In fact, it rarely has. We have had dark ages lasting between hundreds and tens of thousands of years between incremental advancements. The progress of technology is in no way guaranteed, your society needs to encourage continued R&D into technology, which regulated competition/profit motive does especially well.

I anticipate that at some point in the future we can abandon capitalism entirely, as we will have technologically advanced to the point where we don't need it anymore.