decisions about value allocation to be made by people who generate valueI don't believe this to be the case in most instances. Value agglomerates due to preferential attachment, and greater a capital accumulation the less effort is needed to increase it.
relatively peaceful
Compared to what, historical nadirs? Substituting economic conflict for kinetic warfare has had only limited success and had drastic atomizing effects upon society. I don't regard this as a great improvement over the historic methods, which were more pragmatic than you suggest and where excess could be tempered by replacement. The elevation of property rights over virtually all other considerations has been a net negative in my view.
a glass that is generally getting fuller over time
Sure, if you look at naive measures like GDP growth or the like. Capital proponents recoil fromt he idea of factoring in all externalities, viz environmental impact. There's a reason insurers are scrambling to get out of many markets. I used to believe in the cis cornucopian version of capitalism, but have come to think it's much closer to zero-sum than proponents care to admit, preferring to take refuge in idealistic accounting than frankly appraise reality.