In the 1950's, the USSR was the second largest world economy, the first into space, and living conditions were arguably far better than what preceded it in Eastern Europe, especially when you consider they lost ~20% of their population in WWII.

You can't compare anywhere on earth to the 'West' because the 'West' started out ahead of everywhere else in the world in the 1900s, partially a result of colonialism and various conquests.

Communism created some of the fastest growth rates in history, albeit at a cost, and of course as time went on, corruption became a problem.

If you want to see how poorly capitalism can function, go visit a 3rd world country. Most are capitalist, and they fail because of massive corruption, and anyone with a brain simply flees for the West.