A good way to compare capitalism and socialism is to take each to the logical limit of 100%. If we were all into capitalism, 100%, there would be no taxes. Whatever you earn you keep, since it is all abou the free market. Culture would be based on competion, self initiative and self reliance. If you lack these skills, you might fall by the wayside. Social programs and safety nets would be based on the free market charity. Charity is not done, like taxes, via the threat of prison, but is part of the free choices offered in a free market. When charity starts to look like frills, the free market tends to react in a way based on revenue excesses.
If we became all socialist, 100%, there would be nobody working. Everyone is expecting a hand-out, therefore nobody is generating the resources needed for the hand outs. For example, we all get free health insurance, with nobody to tax to foot the bill, since everyone expects free health care. To make that work, the health care system needs to be enslaved, producing free healthcare for all because they are our slaves. If we all want free food, we enslave the farmers, so a few can shoulder the sacrifice for the majority.
Both options to the extreme have their pitfalls. Capitalism helps its lower tier via charity. While socialism enslaves their upper tier. When both work, side by side, they tend to balance each other out. It provides a semi-open environment for the most productive citizens. Slavery is based on taxation, so others can have a free ride. But since slavery taxation does not have to be 100%, the economy grows.