Agreed. But countries cannot do anything about it acting alone because we live in a connected, competitive world. If we unilaterally choose to pay people more and employ more people then our goods and services will be more expensive and why would another country buy them? Indeed why would our own country buy them?
So until we have a worldwide consensus on this, and pretty reasonable coordination and normalisation of pay levels globally, across the major continents including Africa, then we are stuck with it the way it is.
My guess is capitalism has another 100 years left in it. And whilst that's the case, we'd better live with it and deal with it.
Going for socialism "early" will just make us all poorer and put millions out of work as our uncompetitive businesses see sales falling and one by one, go under. As the world stands today, wealth creation needs a vibrant private sector and you don't get that by regulating and taxing the shit out of it. Funny that.