Socialism doesnt work because it doesnt consider greed as a positive force. Starting from there, every sign of greed is suppressed until remains only an oppressive bureaucracy in charge of hammering any sign of attempt of maybe earning something.
Socialism is not evil, it's even benevolent: but it's flawed because it ignore 50% of human nature. Better let people deal with their greed in a monitored sandbox that averages out excesses. And that is never called socialism, since it derives too much from accepted socialist dogma.
I live in Hong Kong, so I know how hard the balance is to strike. But socialism worked so little here that most people are 3rd generation immigrants who fled collectivisation, loss of property right and only desire to be left alone by the evangelists of a better world. It's hard to hear people who leave in free capitalist sandboxes lecture us about how socialism could maybe work. Try and weep, as we did.