A good contrast between Socialism and Capitalism were the Pilgrims.
The Pilgrims’ earliest settlement, by today’s standards, was essentially a socialist commune. The settlers received their clothing, food, and supplies from the colony’s “common stock,” all farmland was collectively owned, and each family received provisions according to their needs, with the profits of labor being divided equally rather than by what was earned through hard work.
This system quickly led to discontent: The healthy and able-bodied colonists who worked in the fields all day began to resent the colonists who claimed to be ill, frustrated that they received the same amount of food and supplies as those who performed zero labor. The socialist system was also harmful to the health of the Pilgrims: Nearly half of the colonists died of starvation during their first winter in the New World, unable to feed themselves and stay healthy with the colony’s shrinking harvest sizes.
After about two years of famine and disaffection, the Pilgrims finally had a meeting amongst themselves and chose to abandon the socialist system for all of the suffering it had caused. The colony’s new system required each family to take care of themselves, and made the settlers personally responsible for their own means of survival. Colonists were encouraged to grow their own food knowing that there was no “common stock” to provide for them. This led to the entire colony becoming more prosperous—those who earlier claimed to be infirm became motivated and industrious, with men, women, and youth alike working in the fields eager to reap the benefits of their labor. Interestingly, the settlers in the Jamestown colony went through the same experience and passed a rule: “If you don’t work, you don’t eat.”
The many achievements of Socialism in America, during the 20th century, have occurred because Capitalism was already in place and had built a huge capacitance of wealth; the goose that lays the golden eggs was there first. Capitalism could compensate for the productivity problems of Socialism. In the case of the Pilgrims, Socialism came first, before any capacitance was created. This becomes a disaster. Name me one Socialist achievement that is self standing and does not need anything from Capitalism; taxes, to prop it up?
In 20th century America, Socialism was reintroduced, but it began with a Goose that lays the golden egg, to help offset the costs and its innate lack of productivity of Socialism. This Capitalist buffet compensates for the downside of Socialism, but only for so long, if Socialism expands too fast or too much.
This over expansion happened in Venezuela. Venezuela started as a wealthy country with natural oil resources. The Socialist movement created class envy and then promised freebies, leading to a Socialist overthrow. Once the Capitalist capacitance was bled dry, the culture started to go down the tubes. They are back to first Pilgrim settlement, ready to go back to Capitalism to rebuild the capacitance.
The problem with the latest Democrat version of Socialism, is the cost is already more than all the eggs of the 21th century golden goose of Capitalism. They tell us not to worry about the cost, since the money can be stolen as taxes or printed by government. They say nothing of Socialism earning this money. This translates to mean they will use all the eggs and then cook the goose. After that, then we are all in trouble, as we a default back to the first Pilgrim settlement. On the bright side, leadership in Socialist countries do well for themselves, since stealing and squandering is legal for Socialist leadership. Name me one Socialist dictator who is not a self gathered billionaire?
All in all Capitalism is self standing, while Socialism tends to be a parasite that has a track record of over bleeding its host, until the goose is cooked. A 75% tax rate is huge blood donation. If capitalism can stand its ground, it can then withstand some blood letting by socialism, so socialism can appear to be effective.
How about a Socialist experiment where it is required to be self sufficient and cannot parasite. This can occur on a small scale; hippy commune, but it has problems when scaled beyond a certain level; implodes without a host.