Is our socio-economic system outdated? And if so, what would be the solution?

All this suffering, corruption, and war in the world seems to be a trend through out history, could it be that its the foundation of our socio-economic system, which is based upon scarcity (not enough resources to go around), labor, and demand the main contributor to all these problems? For statistical, everyone on the planet can be fed, housed, clothed, and have a healthy state of mind, with the help of technology actually put towards making efficient, sustainable, life supporting goods, instead of unsustainable products like weapons and chemicals for war and genetically modified organisms in our foods. Which combined has declined every life supporting system on the planet.

What do you think?

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