In the capitalist part of the private sector as it currently exists in the USA, a corporation with public share holders must provide a financial return to its stock holders. If it fails to provide that return over a long enough period, the share holders revolt by replacing the corporation’s leadership with new leaders.
There are some things that society needs for it to flourish where no immediate financial return will accrue to the entity that makes the investment. Such investments include health care, education, infrastructure, defense, police, and fire fighting. The beneficiaries of these investments is the society as a whole, the benefits may be long term in coming, and the benefits are not easily measured in financial terms.
Some societies, such as the USA, have organized into something we call the federal (and local) government to provide these services. In a democracy, it is supposed to be the popular vote that sets policies as to what services the government ought to pay for. Some people think of providing these services through the federal government as a form of socialism. Whatever you want to call it, we have found this can be an effective way to provide these services. It is up to the voters to judge how well the the private sector and the government sector are doing their jobs. If we find that their needs to be a shift in the way these services are paid for, we should decide based on what works, not on how we label it.