Kudos on the respectful questions instead of dissolving into rhetoric. I love these sort of conversations.

But while we have had many counties try and fail to make a thriving socialist society. We have had capitalism thrive and make everyones lives better

Hold the phone. We have thriving socialist societies today, unless the EU is doing a lot worse than I thought. In fact in France and Germany they're nearly 100% nuclear and renewable and in France's case have secured enough nuclear fuel to power their society for centuries. All of them have socialized medicine, and judging by the new heart surgery techniques out of France lately they're not lacking for innovation just cause the government is footing the bill. Furthermore, have ALL capitalist countries stood the test of time economically? I can name quite a few that exist right now like Fiji, which is certainly capitalist, but does NOT help their people in being capitalist (selling their water has harmed their environment, and the profits really are not passed along to their people).

Why would you think innovation would disappear?

Let's take the socialist (communist) medical systems in foreign countries. There is still IMMENSE value in winning the government contracts that use your medicine. And I'm a weird communist who still values personal property and intellectual property, I still see that as integral to the process. So like, if you invent the cure for cancer you can still demand $X per treatment, we're just talking about who's footing that bill in the end. I'm just cool with the government being able to design a competing product/treatment. That's kinda really it.

NASA is purely government funded and non-profit. If NASA had been able to charge for half the stuff they gave the world for free they'd be the richest corporation on the planet, since the MRI, CAT scanner, and a whole ton of other technology was made by them. Yet NASA doesn't profit on any of it, and is one of the most innovative entities in the world. Kinda puts a dent in your 'well there'd be no innovation' right? I dunno man, have you ever met scientists and engineers? I'm convinced if you just gave them all unlimited budgets and material all our problems would be solved overnight, and most of them would refuse anything beyond the satisfaction of having made something new and decent living wages and conditions.

And that seems to be working wonderfully for the EU countries who've already adopted this system, and for the Chinese, it's not like innovation just dissipated from there, hell they're beating us in a few areas right now.