To people with brains, it's been doomed for a long time. The rest of the world is catching up to us.
But the author is off the mark by saying that socialism has been proven to be a failure. True capitalism--where the workers are the rulers--has never been tried. But it will be one day. Because it's better than all of the alternatives? Not necessarily. It will, because it'll be all we have left, on a shrinking planet with shrinking resources.