Capitalism isn't too different.
Every time there is some crisis or pressure on the economy, technology and methods manage to allow companies to do more with less, slowly displacing the worker.
10,000 get laid off, but in recovery maybe only 5,000 return.
"Re-train"/re-career may work for some, but not all.
Capitalism and Free Market only gives the illusion that Everyman can rise up to the level of the elites. It takes a number of circumstances and opportunities to make a step up in class. And that most frequently occurs for those that rub shoulders (or brown-nose) with the elites.
The difference is that with Capitalism
there is recourse, means to fight back built into the system. It's not perfect but neither is our world. The idea is the government should
represent the interests of the people and society in general. When this doesn't happen it is because people are being misled and/or are ambivalent. The answer to this is education and removing those from office who seek to sabotage our way of life.
the entire economy is handed to the politicians and their interests become the same. There is no recourse because two entities, large corporations and politicians, have become one. We criticize politicians who bow to corporate greed and interest. With Socialism we declare they should become the same.
Socialism is like Monarchism in that, if all the politicians (or Monarch) were wise and good and have the best interests of the society at heart, things will work out just fine.
Realism and history shows that politicians (and Monarchs) are often not wise or good and have self interest as their guiding hand. Therefore, a structure that shares power, has freedom of influence and has the built in speed bump of Bureaucracy is the most safe and effective way to govern.
Many of the problems with our nation today are being introduced artificially. The frustration is then blamed on our system. The hope is to create a violent over reaction that will give those same saboteurs a chance to grab power.
Communism and Socialism were defined by a couple of mass murdering sociopaths bent on world domination.