Capitalism and Cultural value

There is a general argument among those who seek to debunk capitalism that the system is morally atrocious and causes the loss of traditional cultural values and practices. The basic premise of the argument is that competitive markets destroy notions of culture and value as the world becomes more and more intrinsically involved in the capitalist way of life. One of the ways that the market may do this is innovation. Capitalism is a competitive system where in order to make super normal profits firms attempt to innovate their products so as to be able to charge a higher price for their products. It is not an untrue assumption to make that innovation has changed not just what we may buy but the way we work, live and function in our daily lives. Traditions may be lost forever in the hunt for advancement and that which has cultural value may be deemed obsolete in the inherently evolving capitalist system. And yet, can the opposite be true? Can Capitalism actually help preserve cultural values?

In his book "creative Destruction" Tyler Cowen notes that in Ghana, local musicians now own 70 percent of the local music market in terms of market share and attributes this growth to the advent of capitalism, because capitalism is an inherently free system that is open to outsiders and thus all that is within the capitalist economy is potentially open for the outside world to explore. Global markets have given producers of traditional goods the oppurtunity to sell their wares to the entire world and even take advantage of economies of scale, The author of the article that I based this blog off of interviewed  entrepreneurs in Indonesia and Ghana who insist that their traditional products have become a popular attraction in stores all over the world, including Macys. There are examples that clearly point to the opposite, global capitalism can in fact aid cultural transformation and advocation. Is it truly the culturally obsolete that gets thrown away while that which has cultural and monetary value that gets preserved? Any thoughts?