This is why all of the extremist political/economic viewpoints that people are so fond of always fail, because they all have a single glaring weakness that those who are in love with them willfully ignore. We need to create a hybrid that takes the best parts of several systems and enforces them from the start.
This is my concept, feel free to pick it apart as I in no way claim to have any actual expertise about economics.
First, there must be a way for people to work their way up, or at least get affordable job training so those who have the drive and ambition don't
have to work at McDonald's all their lives. Also, the minimum wage needs to be higher so that those who have no choice but to work at McDonald's
don't have to live with their parents or in a dump that a raccoon wouldn't sleep in.
Second, the greed of the corporate elites needs to be reigned in, and big time. Salary limits, the elimination of senate/congress lobbyists and all
currency speculation/tax loopholes.
Third, their must be an upper limit on how big companies can get, perhaps an income limit or assets limit, or both. If a company gets too big, some
elements of it need to be split off. And anti-competitive practices need to be punished with harsh prison sentences.
I know, it all sounds criminally naive, but I believe that it would work if it were actually implemented as conceived.