VZ isn't "socialism" - it's more correctly state capitalism, like Russia, China, Cuba, North Korea, etc. What failed is not socialism but authoritarianism (although the jury might be out on China).

Capitalism does not work at all without socialist ideals and institutions, I'm not certain it works even with them.

What we are seeing now, as deficiencies in government (both capitalist and socialist) are more prevalent, is a rise in authoritarianism which usually ends in revolution - so we've got that to look forward to.