This will be interesting.
Most economic theories/systems have weaknesses in them. But, total government control of the wealth of any nation is a prescription for disaster. That is why Pope Pius XI wrote an encyclycal that stated unequivically that no one can be a Catholic and a Socialist.
Capitalism is still the best bet for freedom. However, I must write this caveat - without any moral code of values such as the Judeo-Christian ethic, capitalism sinks to degradation with unbridled greed which recently has been quite egregious. And, I think that is part of the reason why the left is so powerful today. It opens up the whole system to derision and makes all businesses targets by those who are envious (and unfortunately many people are envious).
We need to get control of the culture again!
China is a very good example of what happens when Capitilism is not backed by Judeo-Christian ethics.
Reagan rarely used the word, “capitalism.” He spoke instead about “free markets.” Regulation, anti-competitive behavior, and contract conditions can all resurrect artificial barriers to new entries and make capitalism tend to be more plutocratic than free. If the pope calls for living wages, that’s not enough to say that all Catholics must support “living wage” laws. The same encyclical also condemned importing workers for the purpose of suppressing wages. In some cases (and this is admittedly, to their eternal infamy, not the way US Catholic bishops have interpreted it), “living wage” laws are only “necessary” because illegal aliens have destroyed the natural economic forces.