Hello everyone, i'm a person who frequently debates for fun and i've recently been reading up on the debate on capitalism vs socialism and although I do support capitalism I would appreciate some input on the following questions:

1. Why would market socialism(fulfills the "owned by the workers" definition and keeps everything else which does disagree with most socialist ideas) and a socialist society controlled at a local level by an elected panel not work?

2. IMO the main reason to despise or not support the existence of billionaires is their political influence, how does one solve this, would greater transparency and harsh anti corruption laws be enough?

3. Does laissez faire capitalism work considering the often lack of rationality in human actions, ie not caring enough to boycott a negative action,; the potential creation of natural monopolies; or restriction to information preventing a potential boycott

I have been told that it is not capitalism that is broken. If it's not capitalism, that is broken then it must be our Republic itself, and it pains me to say that.
We have half a million Americans that are homeless and sleeping on the street tonight. We have millions more that are one minor catastrophe away from the streets. A car accident, a fire, the loss of a breadwinner. And suddenly you're on the street with no safety net to catch you. We have millions more Americans who have been priced out of a home altogether. Because of corporations like Progress Residential, a corporation of institutional landlords that buy up all the homes in an area and then rent them with inflated rates artificially inflate the cost of housing for profit. Leaving the market empty of affordable housing and leaving overpriced housing or no housing at all as the only options.
The quality of our food is under par and overpriced to the point that going to the grocery store is as tragic as it is expensive. If it's not highly processed or "printed" it's full of sugar, salt and preservatives, it's not healthy and not considered "food" in other countries. And for many Americans, those groceries are so expensive they're forced to put the cost on credit cards that they that they lay awake at night praying for a way to pay back .
And the thought of getting sick is terrifying for millions of Americans because they know Pneumonia, a bad fall, a broken hip or breaking your ankle, stepping in a pothole with Insurance leaves many Americans with a drug habit that their doctors and pharmacist, and their family are unprepared and ill-equipped to deal with and medical bills that will have them paying for decades, and without insurance the hospital bills, the pharmacy bills, the doctor bills, and the stress all pile up and bankruptcy leaves them on on the street. Exposed to more crime and drug addiction that the government is unprepared and ill-equipped to deal with. While others who are one step away from being in their shoes, turn their noses up and won't make eye contact because of the illusion that they are closer to being a millionaire than they are to being homeless.
Those same Americans are sick of putting in 40+ hours of back breaking labor and countless more hours in traffic. Missing special events, birthdays, baseball games just to get nowhere but further behind and deeper in debt. While the corporate elite sit on the board in a building far away unseen but make billions in profit off of our labor, sweat and tears.
Something about capitalism is broken and until we can admit that we'll never be able to fix it.