That's plenty of capitalist countries with public welfare. It's not like they're mutually exclusive, capitalism is not against taxation in itself.
Socialism has its problems, but don't pretend that capitalism is inherently altruistic
Never said that. It's individualistic. But socialism is altruistic only on paper because it's founded on the belief that the individual is supposed to contribute to society, not the opposite.
if it wasn't for worker protection legislation private companies would get away with paying working populations a lot less, remember when child labour used to be legal in Europe?
I know, but Europe adopted capitalism waaay before socialism, it was basically born when the first banks were created in Italy in the middle ages. Socialism is useful to correct capitalism, but look at countries who went directly from feudalism to socialism and see how they're doing.
But generally speaking competition and market forces alone aren't enough to stop businesses from doing dodgy things
Nobody claims that, I hope. Capitalism is just an economic system, there's plenty of other things needed to run a society, for example laws. If the US can't stop their capitalists from abusing the law all the time, while other countries can, it's easy to assume that the issue isn't capitalism in itself.