Your question isn't directly related to the topic of the article, because it's possible for capitalism to "work" in some sense, compared to other systems, and still be a fraud. It's a fraud if it doesn't live up to the stated promise, if it was sold on a lie such as on the "American dream" of continuous upward mobility or on certain expectations about retirement.

Capitalism works in that it has certain advantages. The profit motive acts as an incentive to innovate. But capitalism clearly has severe drawbacks: the profit motive is also short-sighted so it leads to the "externalization" of harms, including the infantilization of consumers, the plutocratic capture of democracy, and the unsustainable destruction of the planet's ecosystems.

Calling these drawbacks "flaws" or "errors" seems like an understatement. But yes, we can choose only between systems that we've tried or that we can imagine implementing. There are lots of ideas out there, such as a universal basic income or a lottery system for political duties.

It's very hard to imagine any intelligent reforms being enacted now in the US, though. Technological advances or bad karma will force a woeful reckoning, if anything will.