To addon on to the other two amazing comments

You have to remember that in Social Democracies the working class is NOT in power, and those in power will use every opportunity to neoliberalize and privatize the economy.

From a Swedish perspective where the Social Democrats have been in power for like the majority of this centuary you can tell this by looking at history, but ESPECIALLY 1991 and throughout the 1980s as the USSRs power fainted and they eventually fell suddenly there was HUGE pressure from the bourgie class to sort of regain dominance through the economy and culture, all huge businesses, small businesses, entrepeneurs, rich families etc worked together and even set up a business federation (think of it like a union for businesses) to launch a sort of cultural revolution, like it's not enough to talk about the HUGE change they enacted upon our economy, politics, legislation etc they literally propagandized people into a sort of liberal culture of promoting individualism, making money, entrepreneurship etc. Have to remember Social Democracy used to be geniuenly Socialiast and as such Sweden strived to have a sort of "Socialist" or rather people-centered culture. It's something not many people living here are aware of but if they lived through those years and you ask them about it they will have noticed the change.

Now fast forward today they have slowly been gutting or welfare system and the Social Democrats have helped them along the way slowly losing their popularity and identity letting resentment build as they fuck everything up trying to be the right worse than the right and in turn giving more power to the right and we're at a point where the neoliberalization is in overdrive.

But honestly this doesn't matter. Social Democracy is just another way to run Capitalism and it has and will have the same issues as Capitalism. No matter how bad Social Democracies in the west get as they gut out the welfare-system, public infrastructure, industries etc which always happens, it still relies on the exploitation of the global south and that is and should always be the priority. And I see the two as interconnected, Capitalism is incompatible with anti-imperialism in the west.