Abstract: Yes, socialism may have failed in practice but it is the only school to critic to bring capitalism to its knees( Read Marx). So for socialist to accept their defeat is like having a parliament with no opposition. It keeps the capitalist world in check of how profits can turn a man into a barbarian.(Read Immanuel Wallerstein).

Why socialism became a second best school after capitalism? - It is because they lost their way after Marx criticized the capitalist school. Slowly and gradually, they moved away from the ideals of revolution Their arguments about the weakness of capitalism have been consistently removed the weaknesses from the capitalist system.

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Remember the days of John Locke and Robert Nozick when they were propagating minimal government or police state; a government with minimum interference of government and maximum individual rights.
In 1960s many authors like Daniel Bell in his book “End of Ideology” claimed that we are living in the age where the ideology doesn’t matter. S.M. Lipset remarked that there is a consensus that western liberal democracy is the best way of life. But authors like C.B. Macpherson countered that it is wrong that the world has become egalitarian in the western world.
Soon after in “end of ideology”, socialism was pushed aside by the argument of Francis Fukuyama where he proclaimed the western life is the end of history and we have received the endpoint of mankind’s ideological evolution.
So where the problem started..? When it started to be diverting away from its aim and got polarized towards capitalism and many different forms of government like communism, fascism etc.?
C.E.M Joad said that:

“Socialism was like a hat which had lost its shape “because too many people had worn it. Socialism is a chameleon like creed which changes its color according to its environment.”

There is no single form of socialism. There are many country specific, people specific models of socialism.
There are even disagreements within the socialist camps on various issues.
Like state on the following issues:

• Some believed that socialism can be ushered through state. (Fabianism- a variety of socialism)
• While others believed that it can come only through phases and revolution.(Marxism- where socialism is one of the phases; you can call it person centric socialist model in a loose manner)
  Marx influenced socialism so much that two schools were divided: pre Marx and Post Marx. Marx is one of the few people who has a school of thought after his name. How cool is that! Marx provided the driving force needed for socialism to counter and critic capitalism. In fact today also, he is the greatest critic on capitalistic view of society.
  The problem started in Post-Marx era.
  There were many schools in this era:
  -- Evolutionary socialism(many call it revisionisism)
  -- Fabianism( Laski was the greatest proponent of this school of thought)
  -- Guild socialism
  -- Sydicalism
  We need to talk about each one of these to know what were the contentious points. The schools got so full of themselves that they didn’t get to know that they are moving towards a defeat:

• Revisionist moved away from the core principle of revolution of Marx. They suggested parliamentary road to socialism. Nehru was one of the revisionist. This broke the back of Marxism like no other.
• Fabianism lost its past in transit.
• Guild socialism and syndicalism couldn't sustain their distinction.

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The good parts of socialism was adopted by welfare theorists like John Rawls. He gave the theory of veil of ignorance. In this theory he told how the selections of the goods should take place. He gave his idea of justice. Hence the minimal state was converted into a welfare state which looks after their subject.
Practical applications of Socialism were not according to the theory. They deviated from their core philosophy and lost their way in the lust of power.

"Power corrupts, and absolute power corrupts absolutely"
-Lord Acton

That was so true in the case of socialism.
But that being said, we are not living under good times either.

Image source

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