the differences between the two, as to which is best, has to do, I think, with the competence of the government in charge. In Northern Europe, for instance, the governments are considered to be competent and have the interest of the nation as their goal. In the USA we have a government that, more and more, have their own personal interest as their goals (at least it seems that way to me).
In a perfect world, with a competent government dedicated to the welfare of its citizens socialism might be OK. However, a completely socialist government like that has not, as far as I can tell, ever existed. Seems that a completely central socialist government with those credentials always seems to fail. The trick, I believe is a capitalist socially responsible government wherein the elected class actually act in the best interest of the nation and them that brought them to the party.
At the risk of many frothing at the mouth the USA used to be such a government. But, little by little the greedy capitalists (not all are, you know) have been taking over and I have no idea what we have now. I do know that this nation is incredibly greedy and certainly not taking care of those who need such. Our problem are not that we are a capitalist nation (even though our government supplies a number of social services (including police, firemen, public schools, marginal healthcare, etc)) but that we have allowed, greed to just about take over.
In theory there is really not much all that wrong with either Socialism OR Capitalism. The real problem is with the electorate which, in the end, are responsible for what we are going through. Amongst other stuff my thought is that we have been doing a worse and worse job of educating our youth. Every now and then there always seems to be somebody reporting that X children know little or nothing about how gov works, that high school kids cannot read, spell, write, know where their state capital is, etc. We have all read those stories. I haven't noticed so many these days but, from what I see, I think that is because its become normalized to the point where nobody gives a damn.
One last. I have seen any number of attacks on Capitalism. Most have little to do with Capitalism and a lot to do with the incompetence of gov to regulate. The Right, for years, have been trying to 'reduce' gov, have never met a regulation they don't want gone, trying to privatize, etc. FOR YEARS! The Left, on the other hand, has not, as far as I can see, fought back in any really way. They have, everytime they took over, for instance, been forced to cleaned up and fix gov finances and have actually saved the nation. They do this quietly, not reminding anybody how it got that way in the first place. The other side, however, screams and yells, and lies, etc. Not only do they get away with it but they convince because, I believe, there is not a voice raised, on the Left pointing out who did what.
I know, I have pounded this one before. I think it needs pounding. I am sick and tired of the internecine wars of the left, along with the attitude of "my way or the highway" crap. Hillary, for instance, lost, at least in part, because of those from the Left who voted for Jackass. Those fools proved they were ignorant, sly, self indulgent. In spite of that they were indulged (and still are) My fond hope is that this kind of stuff will eventually end - before everything else ends! For that to happen we need somebody willing to actually lead whilst not kissing every butt. Hillary was not the one. She got beat up for over 30 years and publicly stated that she would not respond to "that kind of behavior".
Wow! Didn't mean to go off like that - apologies.............