The debased art and tastes of postmodern society are not a function of capitalism but are a function of the irrational philosophies taught in many of our universities, which glorifies anti-art.
Capitalism does allow a man to indulge in debased tastes — but only by wasting his own money and not that of others, by prohibiting a man from forcing others to view or support his tastes, if they do not voluntarily wish to. Moreover, neither may he use the powers of the state to force others to subsidize his debased tastes either.
Politically, capitalism has no views on art, as it is the name of a social system of freedom. However, the only non-contradictory philosophy supporting capitalism — Objectivism — does have views on art (as art is a branch of philosophy called esthetics). Such a philosophy is best concretized artistically by a magnificent man glorifying Greek sculpture, an exquisite painting by Michelangelo, or a heroic novel portraying the men of the mind triumphing over irrationality by Ayn Rand. Observe their common element: all are masterpieces portraying man as he could be and should be. Such is the “debased” taste of a capitalist.