This has caused problems, social and economic inequality, exploitation and suffering as well as an unfair distribution of necessary and life sustaining resources across the globe.
Socialism seeks to redress this by having these means of production be owned by the workers themselves, and in the cases of things like utilities, by the public at large.
However the attempts to create actual socialist systems have met with one sort of failure or another for various reasons. I've thought long and hard about how to make a system stable enough that it can withstand pressure from both outside and inside forces, while also not spiraling into an authoritarian system.
Enter modern monetary theory.
In modern monetary theory the government creates demand for its own currency by leveraging taxes, and then spends money it created into the system to fulfill that demand. This is the basis of how fiat currency works. The government doesnt tax to gain funds to pay for things. The government pays for things to inject money into the system and uses taxes and interest rates to control inflation.
In a capitalist system this means that the more the government spends the more the private sector has. Public debt is private profit. This is the fuel that keeps the engine of capitalism running.
The debt itself is of no worry to the government because it can always afford to pay for anything thats for sale in the currency it issues, and its currency is always in demand because they levy taxes. The bills will always be paid, and things like the national debt are actually an account of money saved by the private sector and thus defaulting is impossible.
The problem with this is of course the capitalist class tries to suck up as much of that as possible while leaving next to nothing for the rest of us and the more the government spends the more the capitalists have, while we get little to none of it. This is partially why trickle down theory doesnt and can't work. They have an infinite growth incentive and will never pass up a dollar if they can help it.
Enter syndicalism.
Under a syndicalist system organized unions maintain control of businesses and services (with the exception at least in my mind for utilities that should be state run, electricity, water, internet, medicine and transportation).
There is no private capitalist class sucking up every last dollar, so government spending in the private sector reaches more people and improves the quality of more people's lives. Paying for things like workers benefits will be a higher priority for business because the workers themselves will have democratic control of the organizations and will vote for their own interests as workers..
In such a system if a needed or desired mode of production becomes insolvent, but is still needed for the common good or strongly wanted by the public (looking at you twinkies) , the state can step in and run it at a loss and this would actually be a net benefit to the economy due to how MMT works. Under MMT its actually good for the government to run a deficit budget. This video explains some of the details of MMT.
A syndicalist system using MMT to power their economy would be very strong, with diverse production methods reliant on the working class.
Structure your government as a truly fair democracy (things like direct democracy where possible and proportional representation combined with STV where its not ) and you have the makings of a fair democratic socialist system, that can't be easily overthrown since it can always afford to pay for its self defense or manipulated by crashing a single commodity on the global market since it has a diverse economy not reliant on a single mode of production.
Combine it with a strong universal basic income to fill any unemployment gaps left over and the system becomes an unshakable rock of stability.
The diverse economy afforded by this system would also reduce and nearly eliminate the incentive for attempts at autocratic rule since under this system everyone can and will have a high quality of life.
Tack on a hefty inheritance tax and the former capitalist class vanishes, nonviolently within a generation.
Would this system be perfect? Of course not, it would involve human beings and thus have flaws, but it would be much better and more humane than what we have right now and over time it would be easy to adjust the finer points to make things even better.
Id welcome policy wonks and economics experts to help me spell out these finer points.