Rubbish!
People in Iceland, Denmark and Norway are among the happiest people on Earth, which people in Sweden are miserable.
Are you sure it's economics that is the problem?
All the above are Ok in my book!
In my book, socialism is terrible not just because material suffering.
There are those 100 millions who perished, the gulags, the lack of freedom, constant worry about not being arrested, the obvious mismanagement of economy, but despite of that, one is forced to applaud and thank the leaders, ...
The happiness is not the measure of capitalism vs socialism. There are so many unhappy persons in America, even though everybody is going great economically, compared to the rest of the world.
And, I suppose, some people were happy even in gulags.