The historical record is crystal clear: socialism and communism do not work anywhere near as successfully as capitalism. The ONLY reason why China and Russia are not total economic basketcases is because they employed many capitalist programs and policies that buoyed their otherwise failed ideology. Some combination of soialism and capitalism is possibly successful but you have to tax the crap out of your citizenry like the nordic countries do. So, if anyone believe we can do that here then have at it - let's see what happens when you go to the voters with a plan to tax EVERYBODY with a 25% VAT and an income tax on top of that for every income bracket.
As explained earlier, capitalism refers to the process by which the means of production are used to manufactured. If the means are owned by private individuals who aren't workers, then it's bourgeois capitalism. If it's owned by workers, then it's a cooperative. If it's owned by the public, then it's state capitalism consisting of public corporations.
Communism refers to the use of only state capitalism, with cooperatives if that's lacking. I think the only two countries that are doing that are Cuba and North Korea.
The per capita GDP of Cuba is around $9,000, or more than twice that of the Philippines, which follows U.S. neoliberalism, while that of North Korea is similar to those of African countries, many of which are not Communist. Meanwhile, from what I remember, the ave. GDP growth rate per annum of North Korea is similar to that of the U.S.
What about China? It shifted to bourgeois capitalism, but with the Communist Party being a major partner, and with restrictions on importation, etc., following what Japan, South Korea, and others did as part of the East Asian Miracle and nationalist economics.
How about Russia? When it followed U.S. advice for shock therapy, i.e., free markets, it fell apart. It recovered only after Putin contained the oligarchs and its economy took off four times faster than that of Ukraine, which was still being manipulated by foreigners and different factions (ultranationalists, U.S.-backed neoliberals, and pro-Russians).
Finally, what about the U.S.? It did very well from the end of WW2 until the 1960s, its so-called "golden age," after which economic growth started to slow down, and then during the 1970s conventional oil production peaked together with real wages, and trade deficits began. "Recovery" took place through Reagan and subsequent Presidents who deregulated the economy, leading to increasing debt needed to cover increasing spending.
Last point: all of these countries follow at least five of the ten planks given by Marx, including public education and graduated income tax. Also, if socialism refers to a wide range of regulations involving social ownership, then all of these countries are also partly socialist, as they need, for example, fiat currencies for more efficient transactions, things like limited liability and private property backed by courts, and public corporations for practical purposes, e.g., for utilities, road networks, and security.