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.
That is not true. You only have the freedom to innovate if you have capital to start up a business.
How to get capital?
1) Well either you are born in a rich family ( which most of us arent)
2) You apply for a business loan from a bank
But here is the catch, the bank requires a collateral. So are you willing to put your house as collateral (if you even have one, usually you have that under a mortgage already), given that 90% of small businesses go bankrupt after 6 months or something like that??
I have already written a good amount on this before, but it seems to be worth repeating again. As I claim, capital is the last thing you need, while the primary thing that you actually want to find first is a selling idea. It could be said that a good idea sells itself on its own. If you have such an idea, investors will be happy to provide you enough capital to bootstrap it. The problem with businesses that go bust within half a year is that they are looking to push forward something which is of no particular interest to ordinary folks