IMO the answer to both of these questions is looking more and more like no. Socialism has brought great benefits to mankind the NHS is a good example, Cuba is another, does anyone still believe Cubans are no better off than when it was the rancid, debauched playground of American capitalist politicians / gangsters.
Capitalism by contrast is great at producing victims and losers, the casino economy, the devil take the hindmost. "You'll get pie in the sky when you die " so wrote the the socialist song writer Joe Hill member of the IWW the International Workers of the World, their song book carried the slogan " to fan the flames of discontent " American Copper mine owners had him framed for murder and executed by firing squad.
Fast forward and Bush tours South American countries to a chorus of boos and anti American demonstrations. Could it be that the left are fighting back ? America could, at one time do what they liked in Latin America including financing coupes and torture and all kinds of villainy, they still do this but people are resisting more and more.
You can't talk about this without mentioning Cuba though can you, recently elected as the leader of the non aligned movement of 118 countries while more recently still, the UN condemned the USA embargo by 183 to 4. Cuba now has official relations with 182 countries, they are exporting doctors to needy countries and importing thousands of medical students from these same countries and much more, I'm a member of a Cuban solidarity organisation and proud to be so, Fidel and his revolution make me proud to call myself a socialist, while Bush, Cheney etc make me ashamed to be a human being.