which is why all poverty alleviation in the past half a century comes from China, which took 800 million people out of poverty and extreme poverty.
Uhhh China has been embracing capitalism for a few decades now, sorry to say.
Problem with the "global south", on the local level, is not even capitalism vs socialism. It's corruption. The corruption of course stems from the poverty. When the leaders of your country come from poverty, had to gain power by force, and suddenly have access to resources... They do tend to abuse their access.
Yes, a functional socialist leadership is the best way forward for any of these countries, but even a well regulated capitalist system would be better than the leaders just selling their country to a bunch of corporations to increase their own wealth.