The whole focus of classical economics is to tax wealth not income, and obviously, the tax burden was going to fall on the wealthy, on the landlords first and foremost, then on the bankers and then on the monopolists.

That was what socialism was, the idea of creating an economy with a circular flow that the taxes would be paid by the wealthy and the government would use this tax revenue to spend on infrastructure, schools, productive credit to help the economy and to make economies more competitive. It seems that in that sense socialism was going to be the most efficient capitalist economy.

The Vocabulary of “Economic Deception”. Dr. Michael Hudson

Currently, real world economic scenarios are called "special cases". Literally.

This is because modern economic theory's do not predict what actually happens in the real world.

So, in classrooms alleged economic theory is supposed to be "reality", and what happens in the real world is a "special case". Special cases need to be cherry picked for use in the classroom.

Modern economics is nonsense.

The original concept of socialism was hijacked and demonized by the oligarchs, because it threatened their position of power.

FDR and Eisenhower were social capitalists, because this was the best strategy for overall economic progress.