I don't think even libertarians believe in your imagined corporate hellscape as a workable system. Libertarians oppose excessive government regulations- "the insolence of office" if you will.
Socialists, on the other hand, fully embrace 'to each according to his needs (wants, or whines) from each according to his ability'. Socialists believe that the government functions best which functions most. They imagine a benevolent government because as hammock riders, the 'gubmint' been pretty good to me'.
A socialist imagines a world where half the populace voluntarily works hard to feed the half that refuse to. Socialists defended Hugo Chavez, and his successor Nicholas Maduro until the Venezuelan economy collapsed and actual hunger started to appear en-mass. Then it was- "it's not socialism, it's a corrupt dictatorship!" and "this was because of OPEC, probably at the behest of Republicans!"
Socialism always begins with frenzied celebrations of the poor and lazy- "we finally beat the rich!" Businesses are taken over by the government, taxes become so oppressive that the ambitious give up, scientific, social and educational innovation die as the 'can do' spirit of the people turns into the "fuck it, what's the point" miasma.
Then, as no one smart enough to run systems like power plants, refineries, etc. leave (or are forced out for not having socialist purity) those basic infrastructure systems fail. No one openly questions any of this after the first demonstration is met with a hail of 'the glorious people's' bullets. The nation becomes a dystopia of decay, misery, and hopelessness.
Life for those in the government is peachy keen, as more and more aspects of government become state secrets- legislated by socialist party leaders who make Martin Shkreli look like Mother Theresa.
Ironically, the ambitious do slightly better than the poor through the underground bartering economy, while the poor, they long for the days when they were just poor- with a TV, an apartment, and full belly. Now they are destitute, only fed when the government wants to assert control by mob violence.
I remember perhaps 40 years ago when a group of American communist party members were shot in North Carolina. I was horrified, and said 'jeez, they were commies, but they didn't deserve to die'. I would not have that reaction today.