While I generally agree with this, I think the thinking of "How can we manage risk in one domain the context of capitalism" is small, while socialism answers "How can we most effectively manage humanity's resources."

If you and 20 friends decided to mutually insure, say, your $500 cell-phones, you'd have some realities to contend with: What do we price it? How do we protect against fraud? How do we balance that with avoiding falsely identifying legitimate claims as fraud?

Your small insurance company wouldn't be able to bring worldwide socialism. But it might be able to protect against your phone dropping in a river. That's, of course, assuming your insurance is a flatly-structured non-profit that exists out of that mutual interest in risk management.

... Maybe our economy should be flatly-structured existing out of mutual interest... But... That's also socialism.....