Why Are Older Movies Better?

In my opinion the studio system just worked (great writers, great actors, great directors). Also, after the Production Code was done away with (which actually led to a lot of great films operating under its restrictions) we hit a bright burst of light with immense creativity and studios willing to take a chance on original ideas (late 1960's until the late 1970's). While the movie industry has mostly always been about profit, it seemed that the production companies didn't try to dumb down their stories just to reach the broadest audience. Also, you have the China factor today which the industry seems determined to sell out too just to secure financing and have access to their censored market. That doesn't help.