This is laughable. They already have socialism.
That's why they're poor.
No they don't, what they have is a system of government, that favours a few that is steeped in corruption which strangles any intitative and allows any wealth to be harvested by a ruling elite. Africa springs to mind.
Going straight to a free market modal does not work as you need a educated work force. And the Free Market is in wealth creation and education is seen as the responsibility of the government not private enterprise.
The Modals I am looking at our East Europe and India, which are moving quite successfully from socialism to free market.
In both cases they have a young well educated workforce freed from the fetters of socialism, and ready to put that education to good use.