Socialism would centralize means of production to an even greater degree and cause larger disparities in income and lifestyle because a centralized entity (the state) would be in control. Many European countries who were formally full socialist have integrated more capitalism into their economies. I believe at least a couple have abandoned socialism altogether. Capitalism isn't inherently evil, nor is any other system, imo. However, it is better suited as a means of upward mobility than others. Market driven societies have been around since the old world.

The notion that socialism, or its offspring communism, can eradicate poverty and the like is flawed and without merit. No system can accomplish that because individual nature and choices are always the wildcard.