It has to do more with human nature than socialism.
I believe that socialism is not to blame for children working in mines for mobile phones nowadays, is it? Or we can also blame socialism for the Thirty Years’ War.
The concept of socialism is great in theory. It didn’t do well in communist countries because the greedy and manipulative are always in power. But its great ideas have been implemented in France and Sweden and people are not afraid to get old and sick there.
Socialism is not the devil. Human nature and ignorance are.