Why Is Socialism Suddenly So Popular in America? By Dinesh D’Souza.
Socialism fails because it is unfair. It is unfair that those who put in more effort or are more talented are rewarded the same as the slothful and the less productive. To enforce this fundamental unfairness, ever-increasing state power is required, so authoritarian dictatorship inevitably results. Just ask 400 million east Europeans.
Socialism breaks the link between effort/talent and rewards. Motivation is destroyed. Poverty ensues.
The unfairness of capitalism is the way it creates the medium of exchange, money (aka capital). Today, is created out of thin air and given to some to use, but not others. Paper shuffling and buying and selling assets result as the most lucrative endeavors, which results in massive unfairness. Eventually the inevitable casino mathematics kick in, creating a stupendously wealthy elite and overpriced assets. Just ask anyone trying to buy a house out of average earnings.
The free market is an almost unalloyed good, but our current system of creating financial capital is deeply flawed and unfair. The fix is not socialism, but major reform of the money and financial systems.