The Scandinavian countries are pure socialism. They are the happiest peoples on the planet (remarkable considering the winters). They are also very wealthy as a whole. Poverty is virtually non-existent. 

Capitalism is a tiny percentage of the population controlling most of the wealth while 99% fight over the scraps. If you took all the wealth in America and divided it equally EVERY man, woman, child and a few dogs would be a millionaire. That is just the value of private property, it does not include the vast resources held by government. 

The funny thing is that this nation was founded on the concept of ending the aristocracy. Now we have replaced it with an Oligarchy.