Capitalism-Yes or No?

With industrial nation's economy dwindling, what would be the fate of developing countries in the current scenario? Do we think the word 'Capitalism' needs re-engineering or shall we argue for a better economic model yet not seen by humans of our generation. This constant thought continuously strive in me with respect to developing countries association with developed nations. Markets have failed to adjust themselves as promised by the concept of free markets;however, with no better economic model lying in front of us, once again we are the beggers to accept harsh realities of Capitalism. It would be interesting to see the mixture of semi-controlled economy where the rights of free markets are limited to an extent that they do not earn incredibly high profits at the cost of other organization. But, how can you control the environment? Who control's the flow of information? We do not need government interference to dictate supply and demand practice nor we need any sort of monopoly. Can all this be achieved in a realistic environment? The search for the term 'best economic model' continues...