Socialism has never worked, will never work and can never work, history has proven that over and over again... lol
You could say the same thing about capitalism, communism, and every other 'ism'.
Capitalism has worked for over 200 years now, and even though it isn't perfect, it has created more wealth than any other ism, ever has. Problem with you Commies, is that you don't want to work for your food, just want some government to step in, take from me what I have earned and give it to the voters that stay poor.
You're right, capitalism is not a perfect system, that is why we have put restrictions on it: no monopolies allowed, no child labor allowed, Unions were necessary to protect workers, state and EPA regulations on pollution, OSHA rules on safety, etc.
What every country will eventually find is that a balanced economy is the best, taking the best of capitalism, communism, and socialism. Not unlike what we have in the USA.