Oh i do not know about that--it looks like socalism has worked out pretty well everywhere else in the world it has been applied. Look how high the living standard is in Cuba and Vietnam. Yahoo message board is worhtless it takes too long to load all the commercials on every little message. Completely worthless.
A careful application of capitalism and socialism is the best of both worlds. Pure capitalism is destructive, as it evenutally leads to lawlessness and rule of the strong by all means necessary, pure socialism leads to lifestyles that are unsupportable. Also, humans as a rule are not driven purely by self discovery and self development. The Star Trek NG universe is a good example of meritocracy and socialism spread throughout the the hypothetical federation. People strive to be the best they can, but basic things are provided by the technology at hand. That technology is not a crutch but a tool to drive people to greater heights.