What you are referring to is simply Capitalism.
Capitalism is where 'capital', aka money, ultimately, owns the 'means of production'. And it also innovates, and creates the means of production, by deploying money to uncertain ventures; building a new factory or whatever.
The problem is that deployed capital needs to earn a return, else why bother. In other words, everything needs to grow. The system just doesn't work without growth.
'Growth' can be, people doing more things, or, more people doing things, or, making more money from the things people do (though I'm not sure that's actual growth). We've come a long way in the last century with the first two, and now the focus seems to be on that third option.
IMHO the current system is past, or at least fast approaching, it's expiry date, and we really should have researched, and have at least a vague idea of a plausible future replacement, by now, otherwise we might be doomed to recycle the 20th C.