“Give me your tired, your poor, Your huddled masses yearning to breathe free, The wretched refuse of your teeming shore. Send these, the homeless, tempest-tost to me, I lift my lamp beside the golden door”
The exploitation of desperate disadvantaged people to harvest the “surplus value” of their labour by a class of people who's ancestors had their material wealth bestowed to them is gentrified capitalism. In the case of the US, tory landowners from Britain sold their possessions to pay for passage to the new world along with an indentured workforce who built plantations which in combination with slavery guaranteed a income that allowed them to meet the cost of living, education and exchange this wealth for different forms of guaranteed income like government bonds, contracts or rental properties which increases their income exponentially causing today's various economic deficiencies and fallacies.
Socialist capitalism is about equality, merit and sustainability, which is fundamentally tied to democratic principles and requires some form of nationalised system of function to allow all people to access higher education and join the workforce on equal footing at least with regards to qualifications.
This system allows intelligent, talented and meritorious people access to positions which is more effective than just having a qualification because the concept of going to a posh school equating to its allumni having automatic merit Is an association fallacy, modern education exists to supplement natural ability not recognise it and is tied to the legal justification of the continued enriching of the autocratic complex, representative democracy requires you to act in the interests of the people not getting away with autocratic interest on a technicality.
What this isn't is the denial of individual reward which is a right wing trope used to scare people and is what they do with every topic that has the potential to threaten them.