Got the US and most of the Western world into what problem?
The very thing that we are discussing on this thread has nothing to do with the west? US intervention in Iraq and the arab spring (both proven to have international western intervention) is what created the the ISIS and terrorists, 9/11 was also product of that, as well as the war in Iraq from 2003 and all the radicals that went overseas.
wealth and general prosperity the world has ever known?
Is it? as far as I know many many people lost their homes in 2008 due to the banking system collapse, something that still happened in 1929, unemployment is still above 5% (that's a lot considering that the US has around 300 million inhabitants), healthcare system in the US is highly advanced but highly expensive (so is not universal, as in Europe and some socialist countries, so there is no "wealth" for that people either), education is effectively elitist in the US in which you can't enroll, unless you enter yourself in a couple of decades debt just so you can be competitive in the job market. China had to slave their people to gain economic wealth so people in the west could buy and produce products for consumism (about 500 million living below minimal wages and precarious conditions), India has barely see any democratic development with the greatest divide between rich and poor, and they are a democratic country.
Last time I check, the "wealth" is owned by the 1% of the population, and how is that prosperity? when you have people starving in other places (including in the US itself in which people expend all their income paying debt due to credit cards and to support the banking system).
The reason the USSR collapsed is because it could not afford it's population to go into economic constraints because it was economically isolated (just like the "prosperity" that democracy gave to Cuba, by isolating it economically for over 40 years now), and the US had control of most oil reserves which gave them an edge (hence why the 1973 fuel crisis after Iran got fed with the local exploitation by US based companies), I could go on and on.
You can't tell me with a straight face that the system has brought "wealth" for all, that is just allowed for certain people, that's globalization, giving half of all the money to about a 100 people and give them freedom to do whatever, there is people who have more wealth than countries, so the next thing is to rely on good will, and while there is people like Bill Gates who want to use his capital to create education and infrastructure, there is people like the Arabs or Trump who want to produce the greatest amount of capital disregarding racial and human values for the sake of producing more capital.
Disagree, the economy and the way the Government is elected do not have to go side by side, the problem is in Countries like the US it does and its slowly eroding the democratic process, While other countries are slowly erroding the Capitalist economy.
The economy has to be controlled by the government, China is experimenting with that to see how much freedom can be allowed, and is realizing that the Wall Street model of economic exchange do not work, hence the "switches" to shut down the exchange, so speculation based on how much something is valued brings consequences of having a representative value rather than a real one, creating inflation and in the long run ... poverty.
Socialism is the way forward, simply because you can't have people like Trump or the Saudis, because there is no way for them to amass capital, multinational corporations cannot exists (nor the idea of an organization that has more wealth than a country), the world will no longer be guided by the 1%, that is freedom.