Young people keep rediscovering socialism as if this time the incentives will differ, but guess what, they won’t.
Poland is the best example. Under socialist central planning: bare shelves, queues for whatever the state allocated, food rationing, energy blackouts. Just a generation later, after free market and capitalism replaced socialism: choice and prosperity.
Wherever the state replaced prices and profit with plans and commands, severe shortages followed, then coercion to hide them. Soviet Union, Mao’s China, Cambodia, Venezuela, and many others, not a single exception. Remove the link between effort and reward, and the incentive to build, create, and innovate disappears.
The Nordics cited by socialists as exceptions are high-tax market economies with private ownership. They got rich on oil and gas first, places that reversed the order did not. Look at Venezuela: huge oil reserves, people starving under socialism.
Socialism has always failed because it asks people to act as if self-interest and taking care of your family do not exist. It is against human nature, next time won’t be different.