We have some very limited vestiges of social democracy, but social democracy is not socialism. Socialists and social democrats were not allies. Google the meme: “SocDems killed Rosa.”
What you’re observing is what unregulated capitalism will always devolve into. It goes by many names: capitalism, crony capitalism, neoliberalism, corporatism, oligarchy, fascism. But the idea is the same. Labor is violently oppressed. The State only serves the interests of capitalists. The State and Capital are often indistinguishable. There is no competition. There are structural barriers that stifle small businesses and enrich rent seeking trusts. It’s a new Gilded Age, brought to life by a new Lochner era for the Supreme Court.
I have good news and bad news: this system, whatever you call it, is extremely unstable. Its collapse is inevitable, well within the span of a single human lifetime.