Economic reform certainly does not begin with "Describe another economic system that," which is an argument of defense of the system and the status quo.
It's a tough problem. I have a tendency to go big - start with the overall system, rather than piecemeal reform when more than 50 percent of the system is broken, which I think it is.
Piecemeal, you could set a bunch of metrics to the tax rates. No lending interest beyond the personal tax rate, For example: If a person is paying 0 taxes, then 0 interest. Paying 22 percent, then interest capped at 22 percent.
There are tons of piecemeal 'fixes.'
The system is Very broken. There is a measurable and significant percentage of corruption (name the form), unfairness, un-sustainability, lack of opportunity, and on and on. What would I specifically suggest?
The question to me should be how would I recommend doing reform, not what should be reformed and how. I would recommend a complete social systems review with recommendations. The societal goals should be formalized (use or modify The Constitution and similar historical documents if you want to, or make new ones) to insure that life is a priority, rather than wealth (which results from a capitalist system). That would be a great start.
To me, this is not rocket science. Societal problems are easy to identify, because of their scope, where large numbers of people and other life forms are affected. Example: Many people who cannot find work are not happy. They cannot adequately feed their children, or relax and enjoy their lives without that cloud behind their activities. That's a societal problem.
Some people work hard, and offer their lives up for others, while some people laugh at them, and hurt them, and target them, and bring overwhelming social forces against them. That is not unfairness. That is wrong, and it's a societal problem.
So asking me for specific remedies is saying that one person has all the answers. I do not. I can recognize the obvious usually, and I conclude that there are repairable social ills, and methods to find solutions for them. I don't see social reform happening today either on a large scale, or to benefit human and other forms of life. It's about time someone got to talking about reshaping the overall system to align it with life, intelligence, compassion, fairness, and good judgement, which is what I'm doing.