vostok
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The most important thing in a socialist economy - planning . Should be taken into account billions of different factors - industry, science, social and so on. The better the plan will be drawn up - the more successful the economy will develop .can you tell us how the new socialism will work when old one did not. At least in India, it was utter failure the ill effect of which (mass poverty) we are still seeing today.
However many western countries have adopted some nice bits from socialism, like giving safety net to poor people, a taxation system that is friendly to poor. etc.
But we still need capitalism to fund these.
It has been estimated that at the present rate of development of information technology, it will be able to create a computer program in 2018-2020 , which will take into account all the factors . It is necessary that it can fully be updated at least once a day.
If the Plan of the economy will be close to the ideal - a socialist economy is 2-3 times more effective than capitalist .