Capitalism is an astonishing belief that the wickedest of men will do the wickedest of things?

The failure of Communism/Marxism around the world is evidence against your "profit is bad" theory. As China has move towards Capitalism and the Free Market and away from Communism, it is becoming a hub of technological innovation. This was first evidenced in agriculture. When growers were allowed to start making a profit, this immediately started to create demand for more efficient and innovative farming technology. Why? To maximize profit. Competition is a great motivator for technological advance too, which is related to profit (or loss).