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And replace it with what?
If we let capitalism run free without restrictions then we have major problems. As it is, most countries have found a balance between capitalism and setting restrictions on it.
When looking at economical systems, there aren't many other options.
Previous attempts at communism have failed to the point that we either end up with dictatorships, or the country adopts a capitalist economy.
Economically, is there a system that would actually run better than what most countries today are using?
Temporary or straw restrictions. The EU has even more byzantine IP laws as the US and they're just as draconian. Our societies teem with rent-seeking grifts and billionaires who will commit genocide to get their way.