Certainly, untrammeled, profits-first-last-and-everything capitalism is not good, because it does lead to exploitation on many levels. Likewise, pure socialism, where the means of production are run by stodgy, unimaginative, cover-your-a*s bureaucrats is also a disaster, at least for the average person. Who got the dachas and other perks in the Soviet Union? The Party bigwigs, the Nomenklatura, of course.
I think the best is free-enterprise capitalism with enough government controls to prevent egregious abuses, although this is not always easy, since (as we all know) many politicians can be bought.
I think an informed and well-educated public that takes the issues seriously (i.e., beyond the stupid sound-bites) is essential for this to work well. At the same time, I am afraid that this is precisely where we are sadly lacking. 