I'm Slavic and my mother's side of Family lived in USSR, She had to throw away her chance at a proper life in order to be able to help pay for her sibling's education by getting a job after finishing high school, and had to stand hours in line just to get some food. Socialism/communism is an unrealistic ideal and my mother has told me many stories about how she and her side of the family suffered because of that system. Although some aspects of socialism I.E. free healthcare work with a capitalist society, but a completely socialist/communist system is impossible because of one and very simple human emotion called greed. The only way such a system would work is if we were emotionless, or if robots took over almost every job eliminating the need for the general population to work.
Both of an economy Capitalism and communism have at their end goals an system of distributing goods and services to peoples needs and desires. In practice however, many governments and systems that proclaim communism go to force it through forced distribution. This generally results in a central committee of people either immediately with the creation of or shortly after the governance of a state has become communist that control the means of production. Whilst the rest of the populous has no effective means to govern it. In countries with more capitalist tendencies, the power is split between the government and companies, and further with factions in the government and competing companies respectively, making the division of power much more decentralized. Noted companies in capitalism do lobby companies, a much more subdued version a government secretary of energy, transportation, or agriculture.
Children can never be raised in a family because of one and very simple human emotion called greed. Children could only exist if we were emotionless, so I guess our species will quietly die out now.
Seriously though, there is a lot to humans, don't underestimate us. And insisting that our entire system be based on one single and pretty negative aspect of our characters, even if you think that aspect is immutable, is kinda sociopathic.
Capitalism are also flawed in reality, both work great on paper, but the problems arise when people use the system for their own personal gain. The USSR was flawed in many ways but I still belive in a communistic society. This is because the current capitalistic society allows people to disregard people like my parents that were workers and being underpaid and exploited by the system. Capitalism does not work either
When you say capitalism, do you mean free market? Or private ownership of property? Those aren't the same thing. Socialism is the public control, ownership can be public or private. The US isn't a free market by a long shot, not even close. There are more national regulatory public control agencies than anyone can actually tabulate and each has mountains of regulations. Banks and Medicine, institutions people push as lacking in efficiency and have dedicated office space for regulators. In fact, medicine has increased cost as there are multiples more admin than actual providers (I work in the healthcare staffing space). Try opening a clinic or anything related to medicine and tell me there aren't massive regulations.
The western half is almost entirely owned by government, several of the western states are ~75% public (another word for socialized or common or communal) property. Public roads, public utilities, public lands, public parks. Social property. Social owned and controlled is communism. Social controlled but private ownership is fascism (both groups are socialist, they just kill each other because they disagree on the degree to impose their ideology.)
Capitalism doesn't work if done with socialism. That's why they have to grab more power and ownership and nationalize - just like banks we are watching in real time. Free markets work though. China was communist and the millions that died from famines and such would make people sob for the rest of their lives if they actually cared. When they opened up markets to be MORE free, they have more millionaires than the US has people. Their middle class is ballooning. Which makes the elites worried - anyone remember Hong Kong? You know the one they were only able to shut down by telling everyone there was a disease? Nordic countries pulled away from social programs in the same time frame. It is like someone escaping a torture chamber and another walking in pointing to them as it is good because they were there.
If your parents are underpaid, get another job. Better yet, start a company. You can't because the regulations are overburdening. They are exploited by the system but not a free market system. It is and has been forever mostly a socialized system. All the problems socialists whine about are due to regulation and control of the social, not from trade. Trade generates wealth without even needing to utilize any resources. It is better for the environment and society AND handles greed. You have to satisfy my greed to satisfy yours and I have to satisfy yours to satisfy mine. Professors that are socialists aren't going to tell you that, as they sit in their lazy comfy jobs paid by the state. It is the deadliest religion we have ever seen.