As it stands, capitalism serves little positive social purpose. The overwhelming majority of laborers get paid little if anything for their work, and still there is a glut of production. So there should be no fear of the world losing lots of great production if there was no capitalism.
Most of the benefit of capitalism is reaped by the middle men, who profit off the work when the laborers that made it have long ceased to do so (if they ever did). Abolishing capitalism will thus mostly affect these middle men, and have little effect on labor itself.
Those laborers that still want to get paid in a capitalism-free era can find business models that don't rely on capitalism, like the military, collective farming, or secret police-like models where one is paid for future work.