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In a perfect world, with a competent government dedicated to the welfare of its citizens socialism might be OK.
In a perfect world, with a competent government dedicated to the welfare of its citizens capitalism might be OK. You know...a socialist government which taxes and regulates industry so that none must starve, lose their homes, or lack medical care when they need it. Because Capitalism cannot, by its very nature, support "a competent government dedicated to the welfare of all its citizens". Capitalism is dedicated to the success of business and the hoarding of wealth. It cannot, by its very nature, be socially responsible.
I'm pretty sure I've said it before...a socialist government does not need to own the means of production.