First of all, the "western world" it's not alright, and capitalism is a major factor. Second, what do you think would happen if a certain technology development meant less profit for those with the power to stop it?
The simple fact that you have the right to go out and voice your opinion about whether or not you think the western world is alright is proof that, yes, in fact, the western world is doing just fine.
The USSR collapsed under it's own strength, completely, the Blanket of Socialism that covered it also managed to crush it from the inside, when the USSR fell, it left in its wake a whole host of smaller nations on the edge of anarchy, it was only through the sponsorship of the western world that kept Russia from breaking down into full out civil war.
As for a company covering up an advancement in the name of profit, that can only be pushed so far, in 1947 a car company called Tucker released a car with seatbelts and a whole host of safety mechanisms designed to protect the occupants of a vehicle, under the combined weight of GM, Ford and Chrysler, Tucker folded because the big 3 did not want people thinking that driving is unsafe, yet, how many cars do you know of that don't have Seatbelts or Airbags today, or even in the past 40 years?