That could certainly work. But I think we'll choose extinction over equitable plans for the future.
The way things look, the choice isn't really capitalist vs socialist...

it's socialist vs survival. At this point the entire population of the world is struggling to support the lifestyles of the rich and famous. We do without what we need so that they can have more than they will ever need.
"Be yourself; everyone else is already taken."— Oscar Wilde