> Was it always the case that Western Capitalism was about optimising profits for an over-class, the optimising of resources was always just propaganda, or did it once have ethics?

Adam Smith wrote a whole book about ethics.

I actually think the ethical corruption has been very recent and driven by multiple factors, but the most important is the myth that people are rich because they deserve to be, and if they are poor it is because they are stupid or lazy. The rich therefore tend to feel far less noblesse oblige.