I recently read a brilliant comment the sums up the essential flaw of capitalism vs communism (I edited out mistakes and clarified the meaning):
“The flaw of capitalism is greed & narcissism (capitalism rewards greed, as long as you are not caught). The fatal flaw of communism is exactly the same (greedy people are still greedy but now they just play under different rules). For as long as humans fail to address their own inherent personality disorders, any system will be vulnerable to the machinations of clever / unscrupulous folks trying to get more for themselves at the expense of others. That is why we see the exact same types of inequalities & ‘elites’ ruin both.”
It’s true that capitalism is risky and unfair (isn’t life supposed to be risky and unfair?), but the problem with trying to fix these issues is that when people try, they more often than not end up making society even more insecure and unfair. That doesn’t mean that every public venture is doomed to do more harm than good (for example roads and defense work great).
The current failures of capitalism: monopolies, debt, and grossly uneven distribution of income result from the same people who take advantage of the current system as they would under any system. While no system is foolproof, the best is no doubt a philosophical medley of left and right ideas (which is what we already have).
Some believe that capitalism is “doomed to destroy itself” out of principle but look how quickly other systems destroy themselves (communism implodes rather quickly under bad leadership). As far as social policies go, better to side with those that prioritize freedom than put faith in the good of bureaucrats (not that they are bad people, but there’s a reason we say that the road to hell is paved with good intentions).
p.s. for your enjoyment: ronald regan telling some funny jokes on ideology