I truly believe the soviets of the pre-Stalin era had it right. They took an agrarian peasant economy with a literal monarchy and in 10 years were matching the production, education, and housing quality of the west, which took far longer to arrive there under mostly pure capitalism. Of course Stalin was a disaster.
In short: by routing goods and services based on demonstrated need rather than by maximizing profit, you actually end up using far less resources and making sustainable production far easier. Check out Wage, Labor and Capital by Marx/Engels there’s a lot more info there.
Yes, we are essentially controlled completely by corporations and the obscenely wealthy. However I remain skeptical that “pure” capitalism is a viable option given that capitalisms stated end goal is the extraction of value from resources until no more value can be extracted. That system will have disastrous consequences for our country and the world (and has).
Why would they need to be? Been working fine so far...