First off: Yes. Capitalism is a deeply flawed economic model that ultimately devolves into predatory social darwinism without Heavy regulation by a trustworthy authority(which, as history is quick to point out, are always temporary). Everyone knows this. Economists have known this since At Least before world war 2.
Thing is, lately I've been seeing a lot of keyboard marxists trying to convince everyone that a complete shift to communism(not socialism) is going to fix all their problems. Unfortunately, The issues with modern economics aren't that easy and aren't even in the ballpark of the supposed “fix” people are peddling.
First off, I'll define what I personally mean by capitalism, communism, and socialism, because the definitions get nebulous and are used interchangeably with things they shouldn't.
- Capitalism: the economic and political model where business and property are privately own by one or a small group of individuals. The idea is that competition between privately own businesses will compete with each other for costumers, ultimately forcing them to come up with every more ingenious ways to provide better products for cheaper in order to maintain their customer base.
- Side note: Capitalism isn't about businesses not being regulated by the government, that's American propaganda(that's actually called laissez faire capitalism, and is notorious for being Non-Functional outside America). Capitalism absolutely requires Heavy government regulation to prevent businesses from forming Monopolies and Oligarchies. Monopiles and Oligarchies kill off competition, which capitalism needs to function. “too big to Fail” should Never happen in a capitalist model, because a business that can't provide quality products is Suppose to fail.
- Socialism: the economic and political model where ownership of property and business is at least partially given to those that live on and/or work for that property or business. This model partially works on the same assumptions as capitalism, with the added factor that workers who are guaranteed to reap the benefits if their business does well Will be more interested in making sure the business does well.
- Communism: the economic and political model where all property and business is own by all citizens. This model works on the assumption that Workers and resources are distributed by need, meaning people will be willing to put in effort because they know it directly helps their fellow man.
What's caused the absolute destruction of modern society is a thing called Regulatory Capture: Basically, the people who are in charge of keeping wealthy people in line and following the law, have been bought out by those wealthy people.
Communism doesn't fix that. Communism requires A.) the distribution of resources be handled by everyone or B.) handled by a representative authority.
“A” doesn't happen for long outside of small city-states because the sheer Amount of things people have to keep track of makes keeping every citizen up to date, so that they can make informed decisions, a logistical nightmare. It's also vulnerable to “tragedy of the commons” type situations and situations where majority demographic exploits and oppresses disparate minority demographics.
“B” is vulnerable to the same Regulatory Capture issues that causes capitalism to fail. If a central authority is responsible for(and has power over) the distribution of resources, then there's very little that can stop them from gaming the system to maintain power eternally. That is why “Communist” countries(which Need to be democratic to function properly) end up devolving into dictatorships.
Socialism Also doesn't fix this. It falls prey to the same issues as capitalism, albeit more slowly and with less of a wealth gap before things start falling apart.
The solution modern economics Needs is a composite middle-ground between capitalist, socialist, and communist policies that can deal with things like the rise of computing and automation, but without creating a pseudo-feudalistic “elite” like Every Single economic model has Ever been tried Always done in all of history.
TL;DR Marxist economic philosophy is great for pointing out the issues with capitalism, but the proposed solution didn't work out the way they thought it would in it's Own Era. Marxism is now 200 years old and wouldn't be equipped to handle the challenges of modern economics even if it Did work as intended.