I'd argue that what we see in terms of living standards in ostensibly socialist countries is much more due to corruption of office, which happens here too, vs the way that profit is shared among a business. Three of my city councilmembers have been indicted by the FBI for corruption in the last three years. Luckily in the U.S. the levers of power are pulled by more people dispersed across a larger bureaucracy, so corruption of office can only affect so many things, vs somewhere like PRNK or KSA where there is absolute rule.

There are plenty of businesses that run on a more socialist model even within capitalist countries. They are owner operated and share profit amongst the cooperative, are often successful and have motivated employees who work longer tenures than your average employee at a company where they don't see any share of the profit for their hard work.