Hi Kp, There have been a lot of Capitalist country failures too but we don't attribute that to Capitalism .
And besides, Western countries are no longer Capitalist but instead a mix of Socialism and Capitalism called The Welfare State....the Socialist part being a neccessity to preserve Capitalism from mass revolutions. Just look at the welfare budgets of western "capitalist states"... Aus for example:.
Of course America panicked in the 70s/80s amid its Cold War frenzy and implemented Neo-Liberalism which promptly got rid of SOEs (a symptom of Communism). Of course we being pseudo Yanks did ditto by privatising the Comm Bank, Telstra, Qantas etc etc.
