I wouldn't say socialism has been 'dealt with', modern representative democracy in the European mould is heavily informed by socialist principles. I think you mean communism, evidenced by the article's mentions of Engels and Marx, which has pretty clearly failed in spectacular fashion everywhere it's been tried. I found the point that building out the infrastructure for industrialisation was incredibly capital intensive and so labour wage rises weren't really an option interesting, because of course that's exactly how it played out in industrialising communist countries as well. It's just that the state held on to the capital instead of industrialists (or rather the industrialists holding the capital were part of the state).

Interestingly, China now seems to be going through the equivalent of the late 19th century phase where labour wages begin to rise roughly in line with productivity. They've largely built out their core infrastructure and mopped up most of the spare labour pool. China's development has been a huge factor in the economic conditions in the west. I'm wondering how the balancing out of the Chinese economy with ours will affect us.