Waste as a positive value conflicts with the biological practicalities of a sustainable human population on the planet. Unless there are checks, this will concentrate nearly all the wealth and power in fewer and fewer hands. In Canada one man, Conrad Black, controls nearly all the newspapers, TV and radio stations, and dictates their conservative editorial view. No politician dare challenge him. A TV station toppled a socialist government by showing police arriving at the premier's back door, over and over and over for months even though there were never any charges.
Capitalism falls apart when a monopoly forms.
One theorist said you need 26 independent competing companies to avoid monopoly or collusion. This is often hard to achieve in practice. We have a schizophrenic attitude to collusion. If companies collude to fix the price of gasoline or bank interest rates, there is much screaming and gnashing of teeth. However, if they formally merge first, or if the leader buys out all its competitors, there is not so much as a peep of indignation.