When that happens, the result is revolt or trade war. The elegance and logic of the market becomes irrelevant. Thus, to enable the market to function efficiently, competition must be tempered by co-operation and compassion. Socialism is not dead. It is being transformed by failure.
Socialist parties are in power in many European countries.
Of course what socialism means has changed and many latter-day socialists are unable to state their beliefs precisely. The fact is socialism is an ideal which will never go away because it springs from the altruism that is in the very nature of man. The great mistake of socialism was to try to use state power to effect massive re-distribution, in democratic societies through majority vote, and in communist societies by dictatorship. Instead of binding a community closer together, state socialism divides. It weakens the work ethic.