Socialism can be considered as the best strategy but nations often need capitalism as a tactic for enhancing the size of their economy to fulfill the needs and wants of a society. In this context, the ideal system of political economy is the Scandinavian economic model which is also termed as the Nordic model, where the ownership of all the factors of production is divided among three stakeholders, the labor unions, the state, and the capitalist. The Nordic model is, in fact, a blend of 70% socialism and 30% capitalism.
Which is the best system of political economy? Socialism or capitalism! Certainly, it’s a hard nut to crack. The ideas of socialism revolve around the ownership of all the factors of production by state; and the state to devise a policy to ensure the equal distribution of economic wealth among the society. This thing sounds incredible, but what will you do if all the factors of production are unable to deliver a minimum standard of happy life even after the equal division of wealth? In short what measures would be required when the size of your economy is too small to fulfill the demands of entire population even after equal distribution of resources?
Here you need input from capitalism i.e. providing certain leverage to capitalists and making a relatively free market to ensure foreign investment. This technique will help the economy to grow by a large inflow of (FDI) foreign direct investment. Similar measures were adopted by Chinese premier Deng Xiaoping after the death of Mao Zedong, chairman of the communist party.
It is evident that the socialist revolutions specifically in China were unable to deliver results in favor of masses for a long time until Deng Xiaoping introduced the concept of a reformed socialist market economy in 1978. The poverty of the Chinese population was dropped from 88% in 1981 to 6% in 2017. The reforms opened the country to foreign investment and lowered various trade barriers and tariffs.
According to my analysis, the best system of political economy is a Nordic model that refers to the economic and social policies, as well as common cultural aspects of Scandinavian countries such as Norway, Denmark, Iceland, Sweden, and Finland. This model includes support for a Universalist welfare state aimed specifically at enhancing individual autonomy and promoting social mobility; a sort of corporatist system involving a tripartite arrangement where labor unions can negotiate wages and labor market policies mediated by the government.
We can conclude that Capitalist reforms should only be a short-term solution for attracting foreign investors and promoting trade activities. If Capitalism is applied as a long-term strategy it would constitute an ultra-rich class while keeping some classes below the poverty line. Even the developed economies may face horrors of capitalism by giving birth to an ultra-rich class resulting in economic imbalances. Moreover, socialism must be a strategy in the long-term in order to remove all the disparities specifically economic imbalances in a society; it will result in producing the highest form of society which would exterminate class distinction, giving humanity its real and divinely prescribed status. Ultimate peace and security of the world can only be ensured when all humanity is equal and socialism is the only hope and solution.
References:
https://en.wikipedia.org/wiki/Nordic_model
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FAKHAR BLOGS 
It is quite difficult to apply any of phenomena in its true letter and spirit,all u can do is modify it little bit according to your indigenous factors. you can’t even remove all disparities by applying socialism, better is to ensure tax collection systems in order to collect from rich ones and spread it at low levels.
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