My understanding is that there are a lot of very similar economic systems. There are pros and cons to each of these systems. I don't believe one system or government as truly figured it out.
Folks on HN and reddit like to use other systems as a better system, but they always have some subjective negatives that are pushed aside.
Sooner or later we're going to have to take a look at that definition because the evidence strongly suggests it's doing more harm than good.
There have been other more humane models, even in corporate America.