@orathaic, as for my favorite system, well, that's more complicated...
I live in European "semi-socialism", so to speak. For a long time, I thought it was a better system than free-market capitalism. After all, we have free health care and free universities.
With time, however, I grew tired of the state taking almost half my earnings to fund its socialist projects. I began to realize it wasn't worth it.
What happens in socialism is that the state pampers you in your youth (free education) and old age (free health and pension schemes), but finances it from the work you do in your best active years. Not only are you prevented from deciding how to spend your money when you're earning it, but you're also prevented from deciding what your education, health and pension are going to look like: "It's all free, so don't complain!" It's a sleight of hand.
I concluded I'd be better off with free-market capitalism despite its risks. Basically, I'd trade security for freedom to decide.