One of the biggest problems in discussing Capitalism, Socialism and Communism is that these are not accurate words. They are more pejoratives used to beat the other castes with.
The definitions each adherent will point to are NOT the way they work out in real life.
The touted benefits of each do not manifest.
You could say that they are each just a way that the shadowy cabal [KM] runs things to keep people in-line and going around in circles.
Nothing is what it seems
Capitalism forgets to weed out monopolies and continuously share the gains created by the workers.
Socialism incentivizes each person to be as lazy as possible.
Communism - they pretend to pay us, we pretend to work.
Capitalism is the only one that uses the humans innate desire for more to get extra production.
Communism goes completely counter to this, making that desire verboten, and so no extra production, often, even less happens.
Capitalism forgets about the bottom class. i.e. People are homeless because they just haven't worked hard enough. Although, it is inherent in the system (bankruptcies happen because of the Fed, it is a part of that system)
Communism makes sure that everyone at least has a home. But it is usually very poor, doesn't have amenities, and sometimes not even heat.
And what neither adherents talk about is the govern-cement structures that make each worse. From a govern-cement control freak, they are feature, not a bug. The well to do in a Capitalist system are busy chasing more and bigger things, and so would never rise up against the system. In Communism everyone is dirt poor, so they cannot rise up against the system.
You could say that all the systems we argue over are all just various forms of control systems.
Each person is not equal
We have a really big problem in our world. Each person is not equal. In fact, many people, left on their own with a garden and seeds, would not be able to feed themselves.
The biggest /easiest example is children. Some can't even walk yet, how do we expect them to feed themselves? Even when older, they do not have all the skills or the muscles, or the problem solving abilities to grow their own food.
But this doesn't just end with children. Many adults cannot survive on their own. And a good portion of those are because of low IQ.
Fortunately, we have a lot of people on the other end that can grow more than enough food for two (often more) people. And because of this excess, everyone can get fed.
And this is in every area, not just food production.
So, we need to encourage those who are better to produce more.
AND
We also have to a society cohesive enough to make sure those who cannot feed themselves get fed. We have to have a path of sharing the excess. We also need to have a path of those sharing getting acknowledged for their work. (taxes as a way of "sharing" cuts off this acknowledgement in the worst way possible)
Free market capitalism is only for stupid people
Most people who talk about free markets forget huge things. And, if those are missing, then it is a really bad system.
First, free trade is a good thing, as long as there is full disclosure - high levels of understanding what each party is getting.
Choice is great, as long as there really is choice. If all you can do is choose between this TV that spies on you and that TV that spies on you, then there is no real choice. And a few companies own ALL of the TV production, and their owners WANT spying, so that is what you get. There is no disclosure, there is no competition, there is no choice. Only its illusion.
Another problem is that people will work at a loss. A truck driver should charge enough so that he can maintain is rig and his life. But, when things are tight, he can omit maintaining his rig for a while. The brakes and the tires wear out slowly. And he NEEDS to keep working so he can feed himself/continue to live. So, when Amzonium says they will pay only this amount, then there are people who will work for that amount, driving their van into the ground. Because you have to do something to get by.
This is an example of externalizing costs. There are more. Like getting kids in 3rd world countries to mine cobalt for all of those battery powered cars. And these externalized costs are sought out by capitalists (it is just normal to seek out lower prices, right?). There isn't a monetary method of making sure that all the costs are reflected in the price.
And that is the minimum you need for a free market system to work. The price has to have ALL of the inputs in it. (including pollution scrubbing/cleaning and disposal). And all of these costs need to be made known.
Fortunately, the internet is providing this.
Now we need to get local manufacturing up and running again.
Then, we may have free markets (after we end the Fed, and get real money)
Here we are, arguing over systems that will kill us slowly or kill us quickly.
We will need to throw out these systems. Or, at least the derivatives that are out today. (Capitalism is about gathering capital = machinery, factory, workers, raw materials, to build an industry, not at all what it means today) We will make new systems based around tribes/groups/family.
We need new systems that use the innate nature of humans to make things better. And not ignore the base drives of each person. People can be directed towards creation or destruction, and we should remove as many barriers to creation as possible (right now, there are tons of govern-cement barriers. Business licenses, regulations…) and put barriers on the paths of destruction. (right now, we fine the people without money = useless. We fine the businesses that make billions off of destruction a few million)
What we really need to do is go beyond Capitalism. To make most everything you need to live extremely abundant. (like we should have so many cars and houses, that anyone has a choice of fairly priced (based on inputs) needs. But, Capitalism in its current form tries to limit these, to keep prices high. (thank govern-cement for keeping us all poor)
We also need a society that encourages sharing, and keeping everyone's standard of living high.
These things are coming. The future is much brighter. But we are going to have to get through/past these words, and get to real meanings, and really work with humans as they are.