Globalisation and Christianity

I'm here to share an article from one of my seminar readings which I found rather interesting:

The Christian nations of North America and Western Europe are well developed. Many have identified the Protestant work ethic and frugal lifestyles as key factors in capitalism's development. Nevertheless, globalisation and capitalist principles clash with some Christian ideals. For example:

• The "love thy neighbour as yourself" principle dovetails better with collectivist ideals that stress community orientations (communism) than with the individualistic orientations of Western societies.
• "Thou shalt not covet they neighbour's goods" (the Tenth Commandment) is at odds with the materialistic, acquisitive nature of capitalist societies. In economic theory, Duesenberry's permanent income hypothesis (1949) posits that emulation of social superiors is a motivational force driving consumption in advanced societies. In developing countries, Nurkse's Demonstration Effect (1952) and Hill and Still's Emulation Cycle (1980) all attest to the power of "coveting thy neighbour's goods" in stimulating consumption in emerging markets. In popular parlance, the rat race also signals the use of material possessions in determining individuals' postions in modern economic societies.
• The profit maximization principle can be equated with greed.
• Sunday (the Christian Sabbath - Lord's day) is not a day of rest for most retailers - Third Commandment - "Keep holy the Sabbath").
• The kingdom of God is not a democracy.

Question: Is Christianity incompatible with democratic and capitalistic principles? If so, why have democracies and market forces societies flourished in Western Europe and North America?

Aspiring economists out there might like to think about this. In the meantime I will dutifully attend my seminar and hopefully get some answers :)