Memes

This isn't true, though. You can't have a "little bit of Socialism" and a "little bit of Capitalism," Socialism and Capitalism are descriptors of overall economies. Regulation in a Capitalist system is still Capitalism, Europe in particular is Imperialist (and increasingly moving to fascism as they fade from relevance in the global stage).

Socialism, on the other hand, absolutely works, and is why the PRC is overtaking everyone else at the moment.

Needs v wants

Needs: healthcare, utilities, public transport, even a minimal but quality food source. Even to the point of utilitarian but working phones/devices. State ownership where profits are minimal but go back into the state. The services aren't necessarily free, but are run without massive shareholder payouts.

Wants: upgrades and luxuries. iPhones, treat foods, nice cars, silk bedding and those ridiculous marshmallow shoes everyone loves. Regulated but free market.

Now all your basic needs are covered by the community together. You could probably live a simple life with very little income. If you want luxury or fancy, feel free to work too get it.