Regulated capitalism is still capitalism, and the reasons why those stronger regulations have eroded is because the Soviet Union no longer exists in close proximity to Europe as an alternative for the west.

The only places it seemed to work were those that were already established as the centers of capital and were thus benefiting from the expanding frontier of exploitation. Capitalism has run out of land and run out of people outside the imperial core to further exploit and so turns inwards to devour its once-beneficiaries. Internationally and especially in the global south it has served no purpose, ever, except to brutally oppress and exploit.

Absolutely.

https://dessalines.github.io/essays/capitalism_doesnt_work.html