Looking from the outside, what the US has lacked is the “strong regulation” part.
In my opinion the US is way too far on the capitalist side of the slider, you are not at “pure capitalism” yet. But sometimes it doesn’t seem like you have far to go.
Private prisons are just a ridiculous, over reach of profit making into what is at its core a social problem that requires social solutions.
It has gotten worse since trump showed that the truth is optional for politics.
But yes, still better.