The US system is actually the worst of both worlds (capitalist and socialist). It combines heavy regulation costs, high litigation costs, high public funding, AND profiteering. Literally anything would be better. It's based on a government-protected trade union married to a system of geographic monopolies... yet it's still allowed to charge whatever it wants to a captive market - and then price discriminate on top! It's overburdened with CYA and barrier-to-entry regulations, yet falsely labelled as "free-market" and "capitalist" by its status-quo PR & lobbyists to get that political support. Same thing as Universities.
If it was truly "capitalist" then literally anyone would be free to hang a shingle and provide medical services (kind of like car mechanics), there would be competing professional accreditations (trademarked brands) as well (kind of like private technical certificates). But when the "market" is so perverted, "capitalism" (whatever is left of it) gets a bad rap because the incentives are fked to begin with.
There are negative side effects of capitalism for sure, but it's possible to identify these effects and work to counteract them.
In a democratic country, the populace regularly campaigns for new regulations to counteract some of the bad behavior incentivized by capitalism and the negative externalities produced by capitalism. We're chatting in a thread about California banning private prisons, for example.
In fact, I'm not even sure regulation by a state is something opposed to capitalism. Rather, regulation enables capitalism.
One could view capitalism as a system of regulations that attempts to limit the ways that people can profit from one another, ideally by limiting them to value-creating activities, but at a minimum blocking them from nefarious and value-destroying activities. If you want money, it's far easier to take it by force, or trickery, or monopoly, or coercion, or bribery, or espionage, or cutting corners, or nourishing addiction, or any number of unsavory things.
Capitalism is an attempt to cut off these options, at least to the extent that many people abandon them, and instead decide to create value for others instead.
If it was truly "capitalist" then literally anyone would be free to hang a shingle and provide medical services (kind of like car mechanics), there would be competing professional accreditations (trademarked brands) as well (kind of like private technical certificates). But when the "market" is so perverted, "capitalism" (whatever is left of it) gets a bad rap because the incentives are fked to begin with.