Socialism is extortion from the producers.   The extortion is by government.  Socialist government remains in power by rewarding useful idiot voters with false “something for nothing” promises.  The voters think they will be taken care of but only with scraps while Socialist leadership skims rewards and riches off the top for themselves to live like kings while everyone else lives in squalor.

Since the producers work for less and less the diminished rewards do not justify their efforts.  So Socialist leadership thinks the wealthy can never run dry they turn up the screws of regulations and taxes to increase their tax revenue.  Producers find ways to do things cheaper but at some point they cannot so they go out of business or leave the state or country to survive.  This vicious cycle continues which eventually destroys the economy.

This is what Karl Marx predicted for Capitalism.  But it is not Capitalism which fails, it is the Socialist policies which disease Capitalism which cause economic destruction.  Capitalism does not devolve into Socialism.  Socialism must destroy Capitalism from within.  Each time a Capitalist policy is upended by a Socialist policy Capitalism decays.  Capitalism is only created by free people, thinking people, productive people unfettered by government. Socialism is oppression of people, no freedom, no choice, simply drones to obey government or die.