There is no good socialism and bad socialism there is only socialism. It has proven time and again to be an ineffective economic system.
Quite the opposite. The Nordic countries are significantly more productive than the USA, and consistently rank well above the USA in quality-of-life surveys.
http://www.businessinsider.com/why-nordic-countries-are-more-competitive-than-everyone-else-2012-7
The reason that socialism works so well as an economic model is because it supports the middle class. The Great Depression in the USA occurred because, from about 1900 to 1929, the wealth distribution in the USA became increasingly disparate, with rich people becoming very, very rich at the expense of the middle class. It is well to remember that a depression is not a decrease in the money supply. It is the concentration of that money in the hands of a very few. Rich people don't spend like middle class people, so a large disparity in the distribution of wealth in a society is economically depressing. By the Fall of 1929, the disparity in wealth distribution became unsustainable, and the Great Depression resulted.
The resolution of the depression in the USA occurred because money began flowing back into the middle class, in part because of the socialist programs of FDR and in part because WWII forced a war-time socialism on America. The boom was sustained from about 1940 to about 1980, during which time economic policy in the USA continually supported programs of benefit to the middle class, and the standard of living for Americans rose continuously (and dramatically!) during this period.
After about 1980, attitudes in the USA changed, and policies favorable to the rich became dominant. Money began flowing out of the middle class and into the hands of the rich as a result of US economic policy, precisely as it had from 1900 to 1929. By 2008, the disparity in wealth distribution again became unsustainable, with the same result in 2008 as was appreciated in 1929. Interestingly, the disparity in wealth distribution in the USA in 2008, at the time of the banking collapse, was
exactly the same as in the Fall of 1929. It is interesting also that, in both cases, it took just under 30 years for conservative economic policies to bring us to the tipping point.
Socialist economies work well because the wealth generated by those economies is directed by government policy toward the people who are creating that wealth - the middle class. Because the middle class is the engine of a capitalist economy, the socialist economies tend to be highly productive.
The reason that the USA's recovery from the Bush Depression has been so sluggish is that the problem of disparate wealth distribution has not been corrected. If that problem is never corrected, the USA will forever operate under conditions of permanent recession/depression, as do many third world nations: a fabulously wealthy ruling class with lots and lots of relatively poor people.