Is the left "throwing out the baby with the bathwater" (read more)?

I’m hearing more and more from my left-wing friends: abolish this, abolish that, i.e. prisons, police, capitalism…these things don’t work so they need to be thrown out. More moderate liberals or even conservatives may admit that these things are deeply flawed but that they can be reformed. For example, it’s no secret that black Americans are disproportionately poor, but some within the community (many are more conservative but not all) will say that black people need to take greater advantage of the capitalist system, as opposed to deciding that the system is racist and hopeless.

So what do you think? Can prisons, police, and capitalism be reformed or should they simply be thrown out and replaced with something entirely different?