The entire concept of socialism/communism is predicated on one thing that will never be true: that people are good. Capitalism works because people are greedy and will work hard enough to get what they want. Socialism is based on the idea that people are good. The problem is, they aren't. If everyone preferred others to themselves then yes, it is would be ideal because everyone's needs would be met. However, men are not good. You can argue that point with me all day, but it is mute.
Do I truly favor capitalism? I think it is the probably just the lesser of the evils, if you will. It has great flaws, just like any human system. And please, NO ONE use China, Russia or some of the other socialist nations as a good example. Don't say it is working for China just because they are prospering economically. Meanwhile, they are an oppressed country. The government controls every media and informational outlet and there is little freedom.