Franklin Galvin
You are describing  the current economic system. It has served its purpose. It has made developed countries wealthy. Now, as Pickett and  Wilkinson have shown, living conditions in those countries are far from ideal, and more wealth will not improve conditions. 

There is correlation between income inequality (income of highest 20% divided by income of lowest 20%)  and living conditions in the developed countries . They have no explanation but there is correlation over 23 countries. The US at 8.4 contrasts with Japan at 3.4. The US is the worst developed country in which to live and Japan the best. Canada is 5.5.

With our current practices, as you  suggest, Canada will become more like the US. If we reduce income inequality, which seems like a reasonable thing to do, Canada will become an even better p;lace in which to live. 

How to achieve that is the challenge - with minimum socialism.