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I'm from Eastern Europe mate, I know full well not just socialism but actual, real Communism. I get it. And I am not advocating for socialism/communism or any of that rubbish. 
I don't know what system will replace this one but I do know no system lasts forever, it is the way of all things. Even the universe itself will not last forever. 
I acknowledged this system did uplift people and produced "valuable goods and services" but there are absolutely flaws with any system, which over time magnify and lead to collapse. Communism's flaw is it creates a power vaccuum (which authoritarians fill) and assumes wrongly about human nature (we are not all selfless). Capitalism's flaw is if unchecked (as it is), it allows private companies to gain too much power and essentially "buy" the government. Among other problems, which I described. 
I do not see a way out. This system is failing an increasing number of people, income inequality is widening way out of control. My point is - I don't see any of this or the other issues I listed being fixed, I don't think people can fix them even if they want to, it's insurmountable. The only way to "fix" is to let it run its course, collapse, and let something else take it's place. What that "Something" is I've no idea (hopefully not communism lmao wouldn't that be funny tho).
this is just a weird post because you're assuming this is something that's inherent to capitalism and free market. Let me provide a counter example of this,
I grew up in India where socialist and welfare society concept is baked into our constitution. Most corporations were government owned prior to 1992, most manufacturing was done in India for our market and almost every public service was subsidized.
you know what that led to? incredible amount of corruption in every branch of government and services (as they were part of government). red tapism was rampant and opening a new business was a nightmare. some of our biggest co ops( Amul as an example) needed constant help for it to survive and make profit.
We were in such a bad position that we were months away from bankruptcy in 1992 when economic liberalisation happened. 
Do you really think people were thriving under our socialist policies when everything was government and consequently, everything was shit?
there's a reason people who lived under socialism tell you why it was absolutely dogshit and somehow, western liberals still can't hear a word. our ethos of hard work are partly because of the shit we have seen under socialist systems and we do everything to escape that.
Our education was dogshit both k-12 and colleges, we had only 2 government channels and hence had limited source of entertainment. If you're talking of monopolies, there was no bigger monopoly than the government.