The well-regarded economist Nouriel Roubini has an essay exploring this question posted at Desdemona Despair. I encourage you to read his essay. Here is a brief excerpt:
"To enable market-oriented economies to operate as they should and can, we need to return to the right balance between markets and provision of public goods. That means moving away from both the Anglo-Saxon model of laissez-faire and voodoo economics and the continental European model of deficit-driven welfare states. Both are broken. . ."
From my point of view, what is needed is:
1. An economic system that is not an oligarchy and therefore enables competitive enterprise while distributing societal resources far more equitably than today. A global system that enables half the world's population to suffer hunger is a sick and corrupted system.
2. A political and cultural system that is not a status-conscious, consumer-oriented plutonomy and therefore promotes well-being, equality, and sustainability
3. A regulatory system that is not captured by oligarchic interests and therefore operates to protect the public's economic well-being, health, and safety while preserving global resources for future generations and other forms of life on earth
Presently we have a global oligarchy that enables pillaging and exploitation by only a few elite groups and organizations.
This system rewards only a few members of the global society while simultaneously polluting the environment and destroying the present and future well-being of most life on earth.
We do not have much time left...