I am not a fan of the specifics of the fairness doctrine, but I believe the current state in which media companies can freely and knowingly lie as long as they don't stray too far into defamation is not tenable.
If you study political philosophy (e.g. Plato, Hobbes, Locke etc..) and read stuff like Orwell's Animal Farm, I think it becomes pretty evident that it ultimately won't matter how you structure society, whether that's a mix (of communism/capitalism), or having all of one or the other. Just using a simple thought experiment, you can show that the sheer existence of two or more people, can potentially give rise to situations where inequality becomes inevitable. In which case, leads to Hobbes's arguments about the state of nature.
The well-known phrase "it wasn't real communism" comes to mind because it applies and is true, since of course these results have never followed to the letter Marx's doctrine and intentions. But given the pattern of authoritarian states that follow every attempt at communism it is logical to conclude that the plan as stated simply does not survive in any desirable fashion once it starts being followed by real people to organize real people.
Capitalism and Republicanism (and no, for some people in the US that need the clarification: I certainly don't mean the party) as perfect plans also fail allowing a lot of evil to flourish, but their failure modes have performed much better in the long run than everything else so far. You can pinpoint any flaws you want, but you can't argue the results as there is no real counterexample with universally better ones.
Economically, light socialism has also done better? Eg. Sweden or Canada.
Sweden and Canada fit that definition as well, and are not socialist countries according to what Marx meant by socialism. They're very much countries with a foundation of ownership rights and private enterprise, but taxed to a certain extent as to fund extensive government welfare programs. Of course, I'm not unaware that socialism is a word used loosely these days but within the context of discussing communism it's important to drive home the difference.
And of course, as someone that doesn't belong to any of the mentioned countries, I would say that the sentiment that a government like Sweden's or Canada's is better to live in than (pardon if I'm reaching here) the country that I believe you had in mind when making the comparison, is not only not universally accepted but very heavily debated across the world.
In a republic, the person with that power is also the person usually making the decisions, so when those decisions are bad, there isn't another party with the power to stop them.
In Canada at least(Canadian here) the Governor general does step in at times to prorogue or dismiss the government.
Socialism lost all proper meaning in the McCarthy era, but Canada and Sweden are specifically not capitalism in the way that capitalists say free markets are always better. The US is more capitalists than both those countries, and is worse off for it.
Certainly if you consider it hotly debated, you can't say that capitalist republicanism is the least bad, since alternatives are equivalent
In capitalism anyone who opposes the corporation is disappeared.
You end up needing a mix of both. An independent news media with an explicit obligation to the truth, one that they can get in trouble for violating. We had that obligation for a long time through the middle of the 20th century. News organizations were well regarded even if they didn't always make the right calls they tried their best.
But then Rhupert Murdock realized that you could simply pretend to be one of those respected parties and lie to the viewers constantly and there would be no consequences. The obligation to the truth turned out to be a gentleman's agreement and there were no truth police breaking down your door when you told lies. That's when we discovered that the media is like the Prisoner's Dilemma. Fox news discovered that as long as everybody else was beholden to the facts they could lie repeatedly and constantly win the game. They've only fallen from the very tippy top of the ratings in recent years as other news organizations like OAN have discovered that the bigger the lie the bigger the ratings.
Fast forward to today and respect for the independent media (the all important 4th branch of government) is at an all time low and we have completely indoctrinated delusional people storming the Capitol building.