They don't they're the most prosperous. For conservative Republicans, progressive Dems are socialists, because they're for labor unions, utility companies being publicly owned, universal healthcare, tuition-free education, and many other policies that in Western Europe today are taken for granted. So following the conservative, Republican metric of what constitutes "socialism", practically all of Europe is socialist. Many industrialized countries are socialist. They have mixed economies, with universal healthcare, tuition-free college..etc. The major centers of economic power are publicly owned, completely nationalized or the government has about a 50% stake in those industries.
If we were to do that here in America, the Republicans and some Dems would die of heart attacks. They would be shouting "Commies! Commies!".."How dare you suggest we nationalize the big oil companies, that's COMMUNISM!"..."Universal Healthcare Is COMMUNISM!". Hey I'm simply following the Republican definition of communism, man, what's the problem?
You also disingenuously, conveniently forget to mention that the American capitalist empire, imposes economic sanctions upon practically all countries that outwardly identify themselves as socialist or Marxist. You don't have the ideological luxury of asserting that "socialism doesn't work", when you're imposing economic sanctions, and embargoes, on it and constantly threatening it with war. If socialism doesn't work, then the American ruling elites should just let it fail on its own. They don't do that because they know that socialism does work and it's the future. So, you might as well become a socialist now in 2024 because in 2034, or 2040, it's socialism that's going to save the day again, for capitalism.
Capitalists today are talking about the government giving everyone a UBI, not out of the goodness of their hearts, but because they know that advanced automation and artificial intelligence, are going to require a major government intervention and bailout. Capitalism can't survive without one government bailout after another, especially in the 21st century, with all of the intelligent automation and artificial intelligence that we have available today.