In a capitalist country with 2 million people, all 2 million have the freedom to start a business, innovate, build better things.

In a socialist country with 2 million, only a small fraction will have the freedom to start a business, innovate, build a better product.

Capitalism although not perfect is a superior system for innovation and advancement. This is why russia and china have been forced to adopt free markets of capitalism over time. Its also the reason why venezuela a country rich in oil has suffered by attempting to nationalize toyota and making constant attacks on the private sector under a pro socialist banner which have reduced standard of living to a dramatic degree.

The thing socialism is best for is keeping people from having electricity and modern plumbing the way socialist north korea forces its people to live in an era before electricity was discovered. Socialism is only good for restricting innovation and progress and keeping people enslaved.