I'm not very interested in politics, and don't know much about how it all works but will offer my thoughts anyway.

I think the real reason socialism hasn't worked in some countries is that it would have to be a global change for it to work properly. If one country practices a different political system to others then it will most likely fail, whereas if all countries practice the same it works better.

Personally, I prefer the idea of a global political system based around the latin word communia (which means common, commonality, commune, communion, communicate, community) the very fact community is a term derived from it makes sense as the basis of a political system.
I'm not suggesting communism here, but a radically different perception of how we commune with others around the globe, how we communicate and share commonalities so that equality and equilibrium is achieved and balance restored.
I read that when a political system falls and a new one is created, often leagues are formed which is like an intermediate stage for creating a new system.
Using the internet, wouldn't be too difficult to elect a leader of each country (anyone can be chosen, whoever has most votes, everyone agrees on voting method and validity of the vote as well), once each representative selected, they communicate with the other representatives to form a committee where action can be taken to make a global political system based around the idea of communia. My suggestion as well, would be that the underlying principles be based around compassion, where commitment is valued more than money or material possessions, and society as a whole is valued on some other criteria such as productivity or even happiness. The ultimate goal being progression towards unity and upliftment and betterment of humanity and our world.

Most likely, none of this will ever happen. It's more likely that machines and AI will become more advanced, take over more jobs, and we will start using education as a way to make money. Instead of working for money, you study for money, to keep up with the machines!