Society can blend the virtues of socialist collectivism and capitalistic individuality if they are able to maintain the same beliefs on both levels of thinking about it.
If they are not thinking the same way then it does not work for them and then they end up with either one or the other.
I think that it's possible for a society to blend both virtues of socialistic and capitalistic individuality. A society can believe that people should have the right to equal freedoms and opportunities. But at the same time have the ability to be as successful as possible in terms of a goal.
It is possible to blend socialist collectivism and capitalistic individuality. It should be the ideal in a free nation. Much of American values come from this idea. For example, anti discrimination laws and the idea that all men are created equal are socialist values, but the economy is capitalist and people are free to like, dress, and do as they wish - as long as they don't harm others. This is a form of blending the two.
I believe society should attempt to blend socialist and capitalist ideas. I do not believe these systems work well on their own, but I think they do work well to balance each other out. I think if a society attempts to blend these two ideals, they may end up with a system that works.
Socialism and capitalism in general are exact opposite ideologies and to try to blend them in a society would yield disastrous results, I think history has spoken and history has said that socialism and communism are a failure of an ideology and capitalism is the best system for the best quality of life.