I think capitalism wouldn’t be so bad if it was limited to what it’s good at. Fashion, tech, entertainment, snacks, ect.
The thing is that capitalism isn't "good" at anything; all value is produced by workers. Fast fashion is an environmental nightmare, development of tech is in the interest of capital (automation shouldn't be a threat to workers), most entertainment is constrained by the diktats of massive corporations, the vast majority of snacks are either unhealthy or extremely overpriced, and workers (particularly in the Global South) are being abused in all four cases
No, if you're a developing country, you want a planned economy. The only reason to allow private capital would be to gain access to foreign technology and to stave off imperialism until you're capable of self-defense