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.