It's important to consider the fact that an economy does not have to be entirely Capitalist, Socialist, or Communist.
Most countries already have Socialist and Capitalist components at this point.
What I'd personally like to see is Land be a communist system. Necessities be Socialist. Luxuries be Capitalist.
Every citizen of a country should own and share in the land of the country equally. It should not be possible to privately own land. If land is leased or rented from this pool for individual or corporate use, that money should be given to everyone equally. Likely that would be handled by a government in reality, but it should be fairly hands off other than facilitating the transfer of value.
Necessities like Basic Housing, Basic Food, Public Transportation, Medical Care, Parks, Rec Centers, Schools, Police, Courts, etc. should be all handled with socialism. Where the government collects taxes from the land value and capitalist markets, and operates these systems itself for the benefit of everyone who needs them.
If you want more than necessities, capitalism should stick around to handle those desires. Want a bigger fancier house, some fancy oranges from another country, a suit made of silk, go ahead and buy it on a capitalist market either with the money you receive from your portion of land ownership value, or through participating in the capitalist market yourself.
Socialism - Everyone contributes money to social programs that benefit everyone. Taxes are higher, but the money is used for the benefit of all. The government exists to oversee the programs that support the people. This HAS worked in many countries around the world. It is not about everyone being economically equal in society, it's about accessibility of care and benefit for everyone regardless of their starting point.
Communism - Everyone is to be on equal footing and wealth is to be evenly distributed among everyone. Everything is, in theory, shared and belongs to everyone. The government exists to oversee the transition of society, then is meant to step aside rather than remain above the rest of the people. This has NOT worked as no one has ever successfully established this and then stepped aside. It leaves the door wide open for abuse of power.
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