Perhaps generation of wealth is a term more in line with modern economies. Industrialisation and tech have changed the game. References to Colonial Monarchies may suit the grievance industry, but they have little relevance in the explosion of the generation of wealth created by modern capitalism in the 20th Century, enabling the lifting of unprecedented numbers from poverty and resulting in the wealthiest and most educated era humanity has ever been.
Not to say it's perfect, and that there isn't inequity, that there isn't waste, but it's led to better quality of life than anthing we have had before.