[user104658]

This is far too overly-simplistic.

I believe that the only currently viable system is managed capitalism (not rampant free-market) backed up by relatively generous socialist policies where appropriate. For example, I believe that Universal Income (a heavily socialist policy) makes far more sense, and would work far better, than the current "topped up wage credit" structure... but part of that is a belief that it would actually be very GOOD for markets and the capitalist economy whilst also providing a permanent safety net that would ensure a decent level of worker's rights.

Essentially I feel that abandonning capitalism (in the world as it stands) is a race to the bottom, and who really wants equality if that essentially means being "equally miserable". However I am a socialist in the sense that I believe that we should be redistributing wealth on a massive scale and work undertaken in a developed economy should be out of desire rather than necessity. I think the fear is that no one would bother working in menial jobs, but I personally think the desire for extra income would provide a more-than-adequate pool of labour, and it would be both a more enthusiastic (and thus effective) workforce AND ensure that employers are motivated to keep working conditions attractive.