Capitalism automatically allocates more resources to those who uses the resources well via markets mostly choosing to buy better or cheaper products. That works much much better than allocating resources via committees or strict laws, until you have a better solution for resource allocation any replacement for capitalism will fail.

However this also means that as long as we keep the resource allocation thing mostly intact you can manipulate all other aspects of it, like adding lots of taxes, giving aid to the poor etc. None of that messes with the main feature of resource allocation, which is why Scandinavian countries still have good economies.