Capitalism is bad at pricing in externalities. It's pretty good at using price signals to allocate finite resources to more productive uses.
Markets do not equal capitalism. You can have the efficiencies of free markets (worker owned co-ops which are market socialist) without the all consuming greed of capitalism.
Owned is a great word for this. Nearly all our news outlets are owned by billionaires which leaves journalists next to zero ownership over what they are allowed to write and how they are allowed to frame things.